City of Warwick Assessor's Office

Tangible Personal Property

What is Tangible Personal Property?

Who is required to file for Tangible Personal Property?

Why must I file a return?

How can I obtain this form?

What if I receive more than one tax return?

What if I have no assets to report? Do I still have to file?

If I am no longer in business, should I still file the return?

What if I have old equipment that has been fully depreciated and written off the books?

Do I have to report assets that I lease, loan, rent, borrow or are provided in rent?

Is there a minimum value that I do not have to report?

Are there deadlines for filing?

Who is responsible for the taxes if I buy or sell an existing business during the year?

What is an office or field review assessment?

What if I don’t agree with the assessed value?

IMPORTANT DATES

Please Note: Tangible property records, data and assessments can not be found on this site.

What is Tangible Personal Property?

Tangible Personal Property is everything 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 a business to earn income.

Who is Required To File for Tangible Personal Property?

Anyone in possession of assets on December 31st who has either a proprietorship, partnership, corporation or is a self-employed agent or contractor, must file each year.

Why must I file a Return?

The Law is Mandatory, RI Law section 44-5-15, as amended, requires that all tangible personal property be reported each year to the Tax Assessor’s Office. If you receive a return, 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.

How can I obtain this form?

At the beginning of the year a return is mailed to all TPP owners. If you do not get one, please contact the Tax Assessor’s office. ApplicationforAbatementofPropertyTaxPP.pdf

What if I receive more than one return?

If you have more than one location, the assets of each location are accounted for and should be listed separately.

What if I have no assets to report? Do I still have to file a return?

Yes, if you feel you do not have anything to report, fill out items 1 through 9 on the return, and attach an explanation. Almost all businesses have some assets to report. Supplies, rented equipment, etc.

If I am no longer in business, should I still file the return?

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.

What if I have old equipment that has been fully depreciated and written off the books?

Whether fully depreciated on your accounting records or not, all property still in use or your possession should be reported.

Do I have to report assets that I lease, loan, rent, borrow or are provided in rent?

Yes, there is an area on the return specifically for those assets. Even though the assets are assessed to the owner, they must be listed for information purposes.

Is there a minimum value that I do not have to report?

No, there is no minimum value. A tangible tax return must be filed on all assets by January 31.

Are there DEADLINES for Filing?

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

Who is responsible for the taxes if I buy or Sell an existing Business During The Year?

The owner of the business on December 31 would be responsible for the tax liability. Most title companies do not do a title search of the assets of a business. You should therefore consult your realtor, attorney or closing agent to avoid problems in this area.

What is an office or field review assessment?

When an annual return is not filed by January 31, we are required to place an assessment on the property. This assessment represents an estimate based on the value of businesses with similar equipment and assets. Being assessed does not alleviate your responsibility to file an accurate return.

What if I don’t agree with the assessed value?

Call this office or come in and discuss the matter with us. We will welcome the opportunity to review all the pertinent facts. After talking with us, if you still do not agree, then you may file a petition with the Board of Review to have your matter reviewed.

IMPORTANT DATES

December 31: Date of Assessment
January 31: Deadline for tangible tax return.
March 15: Deadline for tangible tax return, if extension has been filed.
June 15 - July 12: Tax bills sent by Tax Collector.
October 15: Deadline for filing appeal to Board of Review.

ApplicationforAbatementofPropertyTaxPP.pdf

Last Updated: 6/8/2009
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