Rental and Leasing Tax

Rental/Leasing Tax is a privilege tax levied on the lessor for the leasing or renting of tangible personal property. The gross receipts, including any rental tax invoiced, from the leasing or rental of tangible personal property. This tax is due on "true leases" (those leases in which the title to the property is retained by the lessor at the end of the lease agreement or when the lessee has an option to purchase the item at the end of the lease agreement for the fair market value of the item).

*Total gross proceeds derived by the lessor from the rental or lease of tangible personal property is subject to taxation.

Who Must File?

Every business/person engaged in the renting/leasing tangible personal property.

When is Tax Due?

The tax is due on or before the twentieth (20th) day of the month following the reporting period. The rental and leasing tax return must be delivered to the City or postmarked by the 20th. If the 20th occurs on a Saturday, Sunday, or Postal holiday, payments and returns bearing a U.S. Postal Service postmark of the next business day, or hand-delivered the next business day, will be accepted as timely.

What is the Tax Rate?