Tangible Personal Property
Tangible personal property refers to physical assets owned by a business that can be seen, touched, and moved, such as furniture, machinery, and equipment. It is required by Rhode Island General Law that each business in a municipality report all of their tangible assets to the Tax Assessor by January 31st of each year. If that deadline cannot be met, an extension may be requested until March 15th.
Tangible assets that require reporting include, but are not limited to, furniture, fixtures, tools, machinery, signs, leased equipment, leasehold improvements, and any other equipment used for or in the business. The assets reported on the form will be classified and depreciated as defined by Rhode Island General Law §44-5-12.1.
Inventory that is directly sold to a consumer is not taxable. Equipment used directly in the process of manufacturing is also tax exempt.
On an annual basis, the Assessor’s Office will mail out an annual return to all businesses located in Hopkinton. If you have received this form, the Assessor’s office has determined you may have tangible property to report.
Failure to file this form with the Assessor’s office within the prescribed time will leave the determination of value at the discretion of the assessor. It may also eliminate the right to appeal.