Personal Property Assessment

Tangible 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, supplies, leased equipment, and any other equipment used in business or industry. Whether fully depreciated on your accounting records or not, all property still in use or your possession should be reported.

Annual Returns
The Law is Mandatory. RI Law section 44-5-15 as amended, requires that all tangible personal property be reported each year to the Assessor’s Office.  If you receive a form it is because our 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 or your obligation to file. Anyone in possession of assets on December 31st, who has a proprietorship, partnership, and corporation or is a self-employed agent or contractor, must file a return each year. Download the form here.

Wholesale / Retail Inventory
All inventory is exempt and not subject to taxation. Inventory includes all products purchased by a company with the intent of reselling those products.

Out of Business
If you were not in business on the assessment date, December 31st, follow this procedure:

1. On your return, indicate the date you went out of business and the manner in which you disposed of the business assets.  Remember, if you still have assets you must report them.

2. Sign and date the return.

3. Mail the return back to this office.

Filing Deadlines
According to The General Laws of Rhode Island, taxable property must be declared to the Assessor between December 31st and January 31st.  If a taxpayer is unable to make such declaration within the prescribed time, he may submit written notice, prior to January 31st, of intention to submit declaration by March 15th.  Failure to file a true and full account, within the prescribed time, may eliminate the right to appeal.  No amended returns will be accepted after March 15th.