59, § 5, Clause 16. Definition of personal property. 2.Municipality that assesses personal property tax and person or entity assessed. 3. All tangible personal property located in Springfield is taxable, unless expressly exempt. For business corporations, poles, underground conduits, wires, pipes. Personal property consists of assets, goods, and material objects used in the conduct of a business and is assessed separately from real estate. What personal property is subject to local taxation? The personal property tax is levied principally on business and is based upon the non-real estate, tangible assets of the business. Tangible" or physical property that you can move easily is personal property. The Personal Property tax is levied principally on businesses and is based upon the non-real estate, tangible assets of the business.
