Most personal property leased or rented to others is taxable and the County Assessor should be consulted for specific filing and record keeping instructions. Business personal property deals with the physical assets used in the operation of the business.You must be licensed and pay tax if you are located in Phoenix and you lease, rent, or license for use tangible personal property. Phoenix Arizona's trusted personal property appraisers. Use Tax is a tax on tangible personal property which is purchased or leased for storage or use in the. Generally speaking, personal property refers to any tangible and intangible assets not including houses and property. We created Tangible Personal Property Inventory Forms to help our clients take full advantage of the changes in the law. Land, residential, commercial, etc.).