Tangible Property

TANGIBLE PERSONAL PROPERTY (TPP)

On an annual basis, all businesses located or leasing equipment in the Town of Tiverton are mandated by State Law to file with the Tax Assessor a complete listing of all assets owned and/or leased. Each December, the Assessor will mail to all known businesses an annual declaration form which needs to be returned by January 31st unless a written request is submitted by that date to extend the filing deadline to March 15th. The declaration form is found below:

2024 ANNUAL DECLARATION FORM (For assets as of 12/31/2023)

2024 FORM FOR SHORT TERM RENTALS

Failure to receive this form from the Tax Assessor's Office doesn't excuse the filing of your account. Also, all business assets must be reported even if they have been fully depreciated for Federal tax purposes. Property gifted, borrowed, donated, etc. must also be reported. Motor vehicles do not need to be reported unless they are not registered to drive on public roads.

Per Rhode Island General Law, assets shall be valued at cost minus depreciation according to asset class.

These tables can be downloaded HERE.

If you have CLOSED, MOVED, or SOLD your business, please complete this affidavit and file with the Tax Assessor.

Beginning in 2024, all Tangible Property Accounts will have the first $50,000 in assessed value exempt from the Tangible Tax. However, all businesses will still be required to file the Annual Declartion of Value regardless of asset value.