Tangible Personal Property Tax Payment Deadline December 31st, 2022

Tangible Personal Property Tax Return Due December 31

Pay Tangible Property Tax December 31 2022 to receive an early payment discount of  3% of the total taxes due.

Other discounts for early payments are as follows:

  • 2 percent discount if paid in January 31, 2023
  • 1 percent discount if paid in February 28, 2023

Additionally, there is no discount for tangible personal property taxes paid in March.

Delinquent Tangible Personal Property Tax

Taxes become delinquent on April 1st each tax year at which time interest accrues at 1.5% per month (18% per annum) plus additional fees are added.

What is Tangible Personal Property Tax?

Tangible Personal Property Tax is an ad valorem tax assessed against:

  • Any equipment, fixtures or furniture used in a business or for a commercial purpose
  • Leased equipment
  • Furnishings and appliances in a rental property, owned by the real property owner
  • Any attachments made to a mobile home or manufactured housing in a rental park

Tangible Personal Property includes  everything other than real estate used in a business. Assets such as office furniture and fixtures, office equipment like copier machines, printers, and scanners, etc.  Also tools, machinery, signs, leasehold improvements, supplies, leased equipment and any other equipment used in a business or to earn income.

Business Tax Preparation of Tangible Property Taxes

It is important to note that all businesses are required to file a Tangible Personal Property Tax Return (Form DR 405) if you own personal property. You should hire a tax preparer for peace of mind and to ensure you accurately reflect the assets utilized by the business.

Our firm can assist you identifying all assets,  estimate the fair market value, prepare the depreciation schedule.  In addition we can complete your business tax return.  Moreover, we will keep timely, accurate records if you sell your business, go out of business, or move to a new location.

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