The Business Personal Property Unit assists in the assessment of this type of property. 4 tangible and intangible property not included in the meaning of the term "real estate.Business personal property deals with the physical assets used in the operation of the business. Personal property is reported on the Business Property. Statement (DOR Form 82520) for commercial business property or the Agricultural Business Property. You must be licensed and pay tax if you are located in Phoenix and you lease, rent, or license for use tangible personal property. Tangible personal property is actual physical personal property that can either be attached (chattel, real) or unattached (chattel, personal) to real property. Arizona Transaction Privilege Tax (TPT) is a tax imposed on vendors for the privilege of doing business in the State of Arizona.