Personal Property

TaShandra Matthews TPP Manager
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What is Tangible Personal Property?
  Tangible personal property is everything other than real estate that has value by itself. It includes things such as furniture, fixtures, tools, machinery, household appliances, signs, equipment, leasehold improvements, supplies, leased equipment and any other equipment used in a business or to earn income.
Who must file a Tangible Personal Property Tax Return?
  Anyone in possession of assets on January 1 who has either a proprietorship, partnership, corporation or is a self-employed agent or contractor, must file each year. Property owners who lease or rent property must also file.
Why must I file a return?
  Florida Statute 193.052 requires that all tangible personal property be reported each year to the Property Appraiser's Office. If you receive a return, it is because our office has determined that you may have property to report. If you feel the form is not applicable, return it to us with an explanation. In any case, the form must be returned to the Property Appraiser's Office.
How do I obtain a Tangible Personal Property Tax Return?
  At the beginning of the year, a tax return is mailed to tangible personal property owners. If you do not get a form in the mail, contact the Property Appraiser's Office. Failure to receive a tax return does not relieve you of your obligation to file.
Tangible Personal Property Tax Return
(DR-405)
Tangible Personal Property Tax Return
(Rental Property)
What if I receive more than one tax return?
  All returns must be sent back. If you have more than one location, the assets of each should be listed separately on each return.
What If I have no assets to report? Do I still have to file a return?
  If you believe you do not have anything to report, fill out items 1 through 9 on the return and attach an explanation of why nothing was reported. However, almost all businesses and rental units have some assets to report even if it is only supplies, rented equipment, or household goods
If I am no longer in business, should I still file the return?
 

If you were no longer in business on January 1 of the tax year, follow this procedure:

  • 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 them).
  • Sign and date the return.
  • Mail the return back to this office.
What if I have old equipment that has been fully depreciated and written off the books?
  All property still in use or in your possession, whether fully depreciated in your accounting records or not, should be reported.
Tangible Personal Property Appraisal Guidelines
Do I have to report assets that I lease, loan, rent, borrow or are provided in the rent?
  Yes, there is an area on the return specifically for such assets. Even though the assets are assessed to the owner, they must be listed for informational purposes.
Is there a minimum value that I do not have to report?
  There is no minimum value. A tangible tax return must be filed on all assets. If, however, the taxes amount to less than $10.00, you will not receive a tax bill.
If I rent my furnished home or condo for a few months, do I have to file a tangible personal property tax return?
  Since rental activity is of an income producing nature, you must file a return which lists your personal property. Items that should be listed include: furniture, appliances, draperies and any other personal property included in the rental unit.
Are there deadlines and penalties?
  The deadline for filing a timely return is April 1. After April 1 Florida Statutes provide that penalties be applied at 5% per month or portion of a month that the return is late. A 15% penalty is required for unreported property and a 25% penalty if no return is filed.
Can I receive an extension to file?
  Yes, an automatic 30 day extension (to May 1) will be granted provided a request for extension accompanies your TPP return. Extension forms available only from January 1 thru April 1 of each year.
What if I buy or sell an existing business during the year? Who is responsible for the taxes?
  The new owner is responsible. However, if there is insufficient property to satisfy the taxes due, the owner as of January 1 would be responsible for the difference. Most title companies do not do a search of the tangible assets of a business. You should consult your realtor, attorney or closing agent to avoid problems in this area.
Is my mobile home considered real or tangible personal property?
  If you own both the land and the mobile home and it is permanently set up, it is considered real property. If you do not own the land but do own the mobile home, you are required to purchase a sticker for your mobile home. The sticker takes the place of taxes. Any attachments to the mobile home would be considered personal property. If no sticker is purchased for the mobile home, then both the home and attachments are considered personal property.
What is an office or field review assessment?
  When a tax return is not filed by April 1 the Property Appraiser is required to place an assessment on the property. This assessment represents an estimate based on the value of businesses with similar equipment and assets. This assessment process does not alleviate you of the responsibility to file an accurate return.
What if I do not agree with the assessed value that appears on the Notice of Proposed Taxes that I receive in August of each year?
  Call this office or come in and discuss the matter with us. If you have evidence that the appraised value is more than the actual fair market value of your property, we will welcome the opportunity to review all the pertinent facts. If after talking with us we are unable to resolve your problem satisfactorily, you may file a petition to be heard at the Value Adjustment Board.

Notify us when your address changes.

If you don't notify the Property Appraiser's Office when you move or change your mailing address, some of your important mail may not reach you.

SUGGESTIONS

  • File the original return (with name and account number preprinted) as soon as possible before April 1. Be sure to sign and date the return.
  • Be sure to list any equipment that may have been "physically removed." There is an appropriate space on the return for these items.
  • If you have an asset listing or depreciation schedule that identifies each piece of equipment, attach it to your 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 items may vary.
  • If possible, include the original cost of the item on your return along with your estimate of fair market value. This information is important in determining an accurate assessment.
  • If you sell your business, go out of business, or move to a new location, please inform this office. It will enable us to keep timely, accurate records.

 

DATES TO NOTE

  • January 1-- Date of assessment - Tangible returns mailed
  • January 1 to March 1--Widow,widower, and disability applications taken for tangible mobile home improvements
  • April 1 --Tangible personal property tax return must be completed and returned to the Property Appraiser
  • Mid August -- TRIM notices are mailed
  • November 1 -- Tax bills are mailed