By Teresa Adams:
Every year, business owners receive a Tangible Personal Property Schedule (TPPS) that must be completed and filed with their county Assessor’s Office. Personal property taxes are imposed on the business’s tangible personal property; which includes such items as: computers, office equipment, tools, furnishings, machinery, billboards, raw materials, supplies, and vehicles.
The Assessor’s Office calculates the tax based on the information previously disclosed to the assessor and reported on the TPPS form. These forms allow business owners to list any changes to their personal property. For example, new property that is acquired needs to be added to the form and old property that sold or retired should be removed.
The Tangible Personal Property Schedule (TPPS) forms are mailed out at the beginning of each year and received by businesses around February 1st. Business owners must complete the TPPS form on or before March 1st and send them to the Assessor’s Office. If the deadline is missed, the Assessor will do a forced assessment on property owned by the business.
Important Things to Remember:
Any changes to personal property or business ownership should be reported immediately to the county’s Assessor’s Office.