Personal property is "tangible" property, which means the property physically exists. Personal property consists of assets, goods, and material objects used in the conduct of a business and is assessed separately from real estate. Tangible property also relates to second homeowners, where the Dennis property is not the owner's primary residence.
The assessment date is January 1 of each year. Any business that existed on that date or second homeowner as of that date is subject to personal property tax and will be billed for the entire fiscal year (July 1st to June 30th). This applies to businesses that have closed or relocated after the assessment date or a home that was sold after January 1. Personal property tax is not prorated per Massachusetts General Law.