Tangible personal property taxes refer to taxes due on the value of furniture, fixtures, and equipment located in business and/or rental properties. This tax is billed separately, and should not be confused with real estate property taxes.
Tangible personal property taxes are paid by the owner of the tangible personal property. In a sale, the taxes do not follow the Seller if unpaid at the time. They become the liability of the new owner.
Thus, it is important that these be handled correctly at closing.