What Is a Tangible Tax Return?
A tangible tax return is filed with your county Property Appraiser's office and serves as a list of the business-related property you own. Although your overall property value will be assessed based, in part, on your tangible property, the fees associated with not claiming property can be far more costly.
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Property You Do Own
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Anything you use to operate your business, including desks, fixtures, tools, office supplies, machinery and computers, are considered to be tangible personal property. If you're a landlord, your tangible property would be considered things like air conditioners, window treatments and appliances. Exceptions include the land your business sits on, inventory you keep in stock, and some of your licensed vehicles.
Property You Don't Own
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In order to accurately fill out your tangible tax return you will need to include property that has been loaned to your business, leased or rented. The Property Appraiser's office wants to know about everything in your possession that helps you operate your business.
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Tax Form
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If you don't receive a tax form from your local Property Appraiser's office go to their website to download one. The precise due date varies by locality, so call your Property Appraiser's office for the due date in your area.
Exemption
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As of July 2011, the first $25,000 of tangible personal property is exempted from tax assessment. However, if you fail to file, this exemption may be revoked and a penalty added to the amount you are assessed.
Other Conditions
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You must fill out a tangible tax form even if you no longer own the business in question, everything you own has a depreciated value, or if have less than $25,000 in property. You can file for an extension with your local office if you need more time to complete your return.
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References
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