The Tax Department is streamlining withholding tax and wage reporting forms and Web File applications. Acquired (Age of Asset) and Historical.All businesses are required to file annually a Declaration of Personal Property that lists the assets' original cost. NOTE: You must use Form 103 – Long if: a. You are a manufacturer or processor; b. At the top of the Business Personal Property Tax Return, copy the complete legal name of the business and the. The state of North Carolina exempts from property tax inventory and raw materials used in the manufacturing process. State portion of the property tax. Tangible Personal Property includes any equipment, furniture, fixtures, tools, signs, machinery or supplies used in a business or for a commercial purpose. The Arizona Department of Revenue (Department or ADOR) administers the property tax system in cooperation with the 15 county assessors, among others.