4 tangible and intangible property not included in the meaning of the term "real estate. Taxable personal property includes property used for commercial, industrial, agricultural purposes and manufactured housing.• Use this form to purchase tangible personal property for resale in the ordinary course of business. Tangible personal property is actual physical personal property that can either be attached (chattel, real) or unattached (chattel, personal) to real property. Gross receipts from leasing or renting tangible personal property in Arizona are taxable under this classification. Tangible personal property tax exemptions for small businesses is a highly economical way of reducing taxpayer compliance burdens. For complete details, refer to the. Arizona originally adopted TPT in 1933 when the rate for selling tangible personal property at retail was 2 percent. For property tax purposes in Arizona, business personal property is defined as all types of property except real estate. All tangible personal property used in the operation of your business is subject to a business personal property tax each year.
