"Tangible personal property" exists physically (i.e. , you can touch it) and can be used or consumed.The Personal Property Lease Protection Tax, or "Cloud Tax" as it is more commonly known, was implemented this year. Property tax: Businesses that own real property or personal property in Illinois are subject to property taxes. A personal property rendition is a report that lists all business assets (personal property) that are subject to personal property tax. Chicago has a different approach to these services and products and considers SaaS a lease of personal property. As a business owner, you are required to fill out a Business Personal Property (BPP) rendition every year.