Tangible Personal Property
Tangible Personal Property
Tangible Personal Property includes any equipment, furniture, fixtures, tools, signs, machinery or supplies used in a business or for a commercial purpose, other than inventory, real estate and most licensed vehicles.
Exceptions to the licensed vehicle category that are taxable include equipment mounted on licensed vehicles or vehicles that have a primary use as a tool rather than as a hauling device. Examples include items such as rubber-tired cranes, tree spades, cooking and cooling equipment on ice cream trucks and snack wagons, well drilling equipment, and carpet cleaning equipment. Furnishings and appliances (stoves and dishwashers including built-ins, drapes, blinds, ceiling fans, window air conditioners, etc.) in a rental property, owned by the real property owner are also subject to the tangible personal property assessment. Tenant owned items are not assessed to the real property owner.
To submit online Tax Returns, Request to Extend Deadline and Declaration of Closed of Business follow the links below.
JANUARY 1: Date of assessment – Personal property returns mailed.
APRIL 1: Filing deadline for personal property returns to avoid penalties. As well as, the deadline to request an extension of tile a Tangible Personal Property tax return.
AUGUST: Notices of proposed property tax mailed.
SEPTEMBER: Deadline to file Value Adjustment Board petition.
NOVEMBER: Tax bills sent by Tax Collector.
Questions & Answers
(2) For purposes of this section, a “site where the owner of tangible personal property transacts business” includes facilities where the business ships or receives goods, employees of the business are located, goods or equipment of the business are stored, or goods or services of the business are produced, manufactured, or developed, or similar facilities located in offices, stores, warehouses, plants, or other locations of the business. Sites where only the freestanding property of the owner is located shall not be considered sites where the owner of tangible personal property transacts business.
(3) The requirement that an annual tangible personal property tax return pursuant to s. 193.052 be filed for taxpayers owning taxable property the value of which, as listed on the return, does not exceed the exemption provided in this section is waived. In order to qualify for this waiver, a taxpayer must file an initial return on which the exemption is taken. If, in subsequent years, the taxpayer owns taxable property the value of which, as listed on the return, exceeds the exemption, the taxpayer is obligated to file a return. The taxpayer may again qualify for the waiver only after filing a return on which the value as listed on the return does not exceed the exemption. A return filed or required to be filed shall be considered an application filed or required to be filed for the exemption under this section.
(4) Owners of property previously assessed by the Property Appraiser without a return being filed may, at the option of the Property Appraiser, qualify for the exemption under this section without filing an initial return.
(5) The exemption provided in this section does not apply in any year a taxpayer fails to timely file a return that is not waived pursuant to subsection (3) or subsection (4). Any taxpayer who received a waiver pursuant to subsection (3) or subsection (4) and who owns taxable property the value of which, as listed on the return, exceeds the exemption in a subsequent year and who fails to file a return with the Property Appraiser is subject to the penalty contained in s. 193.072(1)(a) calculated without the benefit of the exemption pursuant to this section. Any taxpayer claiming more exemptions than allowed pursuant to subsection (1) is subject to the taxes exempted as a result of wrongfully claiming the additional exemptions plus 15 percent interest per annum and a penalty of 50 percent of the taxes exempted. By February 1 of each year, the Property Appraiser shall notify by mail all taxpayers whose requirement for filing an annual tangible personal property tax return was waived in the previous year. The notification shall state that a return must be filed if the value of the taxpayer’s tangible personal property exceeds the exemption and include the penalties for failure to file such a return.
(6) The exemption provided in this section does not apply to a mobile home that is presumed to be tangible personal property pursuant to s. 193.075(2).
If your value exceeds $25,000, you must file the required DR405, TPP tax return by April 1st. Value increases may be due to the addition of newly acquired tangible personal property during the prior year.
Failure to file a return will result in the loss of your tangible exemption and a 25% penalty will be assessed pursuant to section 193.072, F.S. If you claim more exemptions than allowed, you will be assessed for the amount of taxes exempted, plus 15% interest and a 50% penalty of the taxes exempted.
Almost all businesses and rental units have some assets to report even if it is only supplies, rented equipment or household goods.
1. On your return, indicate the date you went out of business and the manner in which you disposed of your business assets. Remember, if you still have the assets, you must file on these items.
2. Sign and date the return.
3. Mail or bring the return to this office.
- Failure to file: 25% Penalty
- Filing after due date: 5% per month late, up to 25%
- Failing to properly file: 15% of corrected value
This failure to file a return or to otherwise properly submit the tangible personal property for taxation does not relieve the taxpayer of any requirement to pay all tax assessed against the tangible personal property.
Please contact the Tangible Personal Property Department for current request information and format.
- File the original return furnished by this office (with name, account number and bar code preprinted) as soon as possible before April 1. Be sure to sign and date your return.
- Work with your accountant or C.P.A. to identify any equipment that may have been “Physically Removed.” List those items in the appropriate space on your return.
- If you have an asset listing or depreciation schedule that identifies each piece of equipment, attach it to the completed return.
- Do not use vague terms such as “various” or “same as last year”.
- It is to your advantage to provide a breakdown of assets since depreciation on each item may vary.
- Please include your estimate of fair market value and the original cost of the item on your return.
- These are important considerations in determining an accurate assessment.
- Look for additional information concerning filing within the instructional section of the return itself.
- If you sell your business, go out of business, or move to a new location, please inform this office promptly. This will enable us to keep timely, accurate records.