This form includes the business name and location, a description of assets, cost and acquisition dates, and an opinion of value for business personal property. Tangible personal property or movable assets are taxable in up to 43 states, depending on their classification.These taxes require a return. The Business Tangible Personal Property Tax is based on the value of property and is commonly referred to as an ad valorem tax. There is a 10 percent penalty for late filing as stated in the Henrico County Code, Sec. Tangible Personal Property is everything that is not real estate (land, buildings and improvements). What are the compliance requirements for personal property? What happens if my business grows or downsizes?