This exemption shall not be applied for the first ten full assessment years following the assessment year in which the property was acquired. If you no longer own the above noted business or personal property assessed in your name last year, you do not need to complete this declaration.Tangible property owned, claimed, possessed or controlled in the conduct of a profession, trade or business may be subject to property taxes. Spending too much time completing business personal property renditions? Increase your efficiency with this detailed walk-through. However, you will only be required to fill out a short table generally describing your assets and giving their location. What personal property does Orange County tax? Personal property is subject to 'situs' or subject to taxes in the locality on January 1. 4. Refer to the attached sample and instructions sheet as you complete your excel file. Using our template is recommended when uploading a file.