Tangible Personal Property Department
HELPFUL HINTS AND SUGGESTIONS
What is Tangible Personal Property?
Tangible Personal Property is everything other than real estate that has value by itself. It would include things such as furniture, fixtures, tools, machinery, household appliances, supplies, leased equipment, and any other equipment used in a business or to earn income (including rental properties – short and long term).
Who must file?
Anyone in possession of assets on January 1st who has a proprietorship, partnership, corporation, or is a self-employed agent or contractor, and property owners who lease, lend, or rent property must file each year. You may be eligible for an exemption of up to $25,000 of the assessed value. To obtain the exemption, you MUST file a return.
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 notice from our office, it’s because we have determined that you may have property to report. If you feel the notice is not applicable, please contact our office. Failure to receive a Tangible Personal Property Tax Return (DOR 405) does not relieve you of the obligation to file unless you have received a written waiver of Tangible Personal Property Tax Return.
How can I obtain this form?
At the beginning of every year, a courtesy notice is mailed to Tangible Personal Property owners. If you do not receive a notice or a waiver, you may still file online or download the form from our website at www.property-appraiser.org.
What if I receive more than one Tax Return?
All Returns must be filed. If you have more than one location, the assets of each should be listed on separate Returns.
What if I have no assets to report? Do I still have to file a Return?
Yes. If you feel 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, phone, rented equipment, or household goods.
If I am no longer in business, should I still file the Return?
Yes. If you were not in business on January 1st of the taxing year, follow this procedure:
1) On your Return, indicate the date you went out of business and what happened to your business assets. Remember, if you still have the assets, you must file on them, even if in storage.
2) Sign and date the Return.
3) Mail the Return back to this office.
Is there a minimum value that I do not have to report?
No. There is no minimum value. A Tangible Tax Return must be filed by April 1st; however, if the assessed value of your Tangible Personal Property is deemed to be $25,000 or less, you are only required to file an initial return.
What if I have old equipment that has been fully depreciated and written off the books?
Whether fully depreciated in your accounting records or not, all property still in use or in your possession should be reported.
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 those assets. Even though the assets are assessed to the owner, they must be listed for informational purposes.
If I rent my furnished home or condo for a few months, do I have to file a Tangible Personal Property Tax Return?
Yes. Since rental activity is of an income producing nature, you must file a Return listing your Tangible Personal Property. Include items such as: window coverings, furniture, appliances, and any other Tangible Personal Property inside the rental unit.
Are there deadlines and penalties?
The deadline for filing a timely Return is April 1st. Florida Statutes provide that penalties be applied at 5% per month or portion of a month on Returns filed after April 1st. A 15% penalty is required for unreported property, and a 25% penalty if no Return is filed.
What if I buy or sell an existing business during the year? Who is usually responsible for the taxes?
The new owner is usually responsible: however, if there is insufficient property to satisfy the taxes due, the owner on January 1st would be responsible for the difference. Many title companies do not conduct a search of the business tangible assets. You should consult with your real estate agent, attorney, or closing agent to avoid problems in this area.