Personal Property Tax


Tangible Personal Property
Tangible (that is, physical) personal property is subject to the personal property tax unless exempt by statute. Examples of some items defined as tangible personal property can include:
  • Chairs in a barbershop
  • Drills used by a dentist
  • Furnishings of a doctor's office
  • Poles owned by a utility company
Exempt Property
Tools employed by a plumber, carpenter, auto mechanic and other trade professionals are exempt from personal property tax. In legal terms, this exemption covers " tools of trade" of a "mechanic" (e.g. small tools that can fit in a toolbox).

Tools of other professionals not listed in the above paragraph, however, are considered taxable. These include dentist's drills and x-ray machines.

Tangible Property Subject to Other Tax
Tangible personal property subject to some other type of local tax is also exempt from the personal property tax. Included in this category are:
  • Farm animal and equipment excise
  • Mobile home park license fees
  • Motor vehicle and trailer excise
  • Ship and boat excise
Intangible Property
Intangible personal property is exempt from the personal property tax. Intangible property includes:
  • Bonds
  • Cash
  • Mortgages and other evidence of ownership of property rights
  • Stocks