What happens if I do not file the annual return?

If you do not file the annual return accounting for all your taxable tangible property the tax assessor will make his/her own estimate of the value of the property.  Even if that estimate is wrong you are liable to pay the tax.  It is important to file the account to the tax assessor each and every year because failure to file the annual return causes a permanent waiver of any right to contest the amount of the tax assessment.