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Who must file a Tangible Personal Property (TPP) tax return (DR-405)?

April 26, 2017dr-405 file Property Tangible tax return TPP

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Who must file a Tangible Personal Property (TPP) tax return (DR-405)?

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Anyone in business as of January 1 must file a TPP tax return (DR-405). The business could be established as a proprietorship, partnership, corporation or as a self-employed individual. Property owners who lease, lend, or rent property or equipment must also file. All property owners who have been granted an agricultural exemption must file a TPP return to maintain their agricultural exemption.