A. Tangible personal property with a tax situs within the borough is subject to taxation, except where otherwise exempted by borough ordinance or state statute. Tangible personal property includes all personal property including, but not limited to, furniture, furnishings, fixtures, machinery, equipment used by a business, stock animals, watercraft, aircraft, tools, dies, jigs, patterns and stock used in trade (including inventories, supplies, materials in process, and other similar items).

B. All private interests in personal property which is otherwise exempt due to ownership by the federal government, state, borough, other state municipal subdivision or other tax-exempt entity is taxable under this code to the extent of that interest. [Ord. FY2015-11 §2, 2015; Ord. FY2014-10 §11, 2014; Ord. FY2011-07 §2, 2010].