Exempt personal property includes household goods and personal effects, unless used in a business, custom software, livestock, inventories held solely for resale and intangible personal property such as money, franchise agreements, personal service contracts, patents, copyrights, customer lists, brand names, licenses and intellectual property.
In addition, sole proprietors are eligible for a $15,000 Head of Household exemption deducted from the business's total assessed value. A farm operation may be eligible for exemption from state school taxes, as well. Farm Exemption
Finally, some real estate and/or personal property is exempt from property tax based on its use or ownership. A detailed summary of exemptions is provided on pages 1-49 of this Department of Revenue Report (PDF).
More details on types of personal property, available exemptions, and the assessment process are provided in the Department of Revenue's publication, Personal Property Tax.