Personal Property
Tangible personal property is business property other than real estate that has value by itself. It includes such things as furniture, fixtures, tools, machinery, signs, equipment, leasehold improvements, leased equipment, and any other equipment used in business or industry. Whether fully depreciated on your accounting records or not, all personal property still in use or your possession must be reported.
Annual Returns For Tangible Personal Property
Rhode Island General Laws, §44-5-15 requires that all tangible personal property be reported each year to the Town Assessor's Office. If you receive a form in the mail, it is because the Assessor's Office has determined that you may have property to report. If you feel the form is not applicable, return it with an explanation. Either way, the form MUST BE SIGNED and returned. Failure to receive a Personal Property Annual Return does not relieve you of your obligation to file. Anyone in possession of assets on December 31, who has a proprietorship, partnership, corporation, or is a self-employed agent or contractor, must file a return each year.
Filing Deadlines
According to The General Laws of Rhode Island, taxable personal property must be declared to the Assessor between December 31 and January 31 of any given year. If a taxpayer is unable to make such a declaration within the prescribed time, he may submit written notice prior to January 31 of intention to submit a declaration by March 15. Failure to file within the prescribed time may eliminate the right to appeal. If the business no longer exists on the assessment date, December 31, simply indicate on the form indicating the date the business ceased to exist and manner in which the assets were disposed. Then sign and date the form and mail it to the Assessor's Office.
Q. What if the business closes ?
A. If the business no longer exists on the assessment date, December 31st, simply return the form indicating the date the business ceased to exist and manner in which the assets were disposed. Then sign and date the return and mail to the Assessor's Office.