Who must file?
Is my mobile home considered real or tangible personal property?
What is the new $25,000 exemption?
If I rent my furnished home or condo, do I have to file a tangible personal property tax return?
Why must I file a return?
How can I obtain this form?
What if I receive more than one tax return?
What if I have no assets to report? Do I still have to file a return?
If I am no longer in business, should I still file the return? What if I have old equipment that has been fully depreciated and written off the books?
Do I have to report assets that I lease, loan, rent, borrow or are provided in the rent?
Is there a minimum value that I do not have to report?
Are there deadlines and penalties?
What if I buy or sell an existing business during the year -who is responsible for the taxes?
What is an office or field review assessment?
What if I don't agree with the assessed value that appears on the notice of proposed property taxes that I receive in August of each year?
What is Tangible Personal Property?
Tangible Personal Property (TPP) is everything other than real estate that has value by itself, and is being usedin abusiness or for income-producing purposes. It would include items such as furniture, fixtures, tools, machine leasehold improvements, supplies, leased equipment and any other equipment used in a business or to earn income.
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Who must file?
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, lend or rent property must also file. In addition, mobile home owners who do not own land but rather rent space in mobile home parks or from private owners must pay tangible personal property taxes on mobile home attachments and, in some cases, on the home itself.
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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 declare so, by purchasing a Real Property (RP) sticker from the Tax Collector. If you do not own the land but do own the mobile home you are required to purchase and affix a mobile home sticker to your mobile home. This 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.
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What is the new $25,000 exemption?
On Jan. 29, 2008, voters approved Amendment One - a property tax reform package that includes a $25,000 exemption for Tangible Personal Property. Businesses must file a tangible personal property return to qualify for the exemption. Businesses with assets under $25,000 must file an initial return, and will not be required to file again until their assets exceed the $25,000 threshold.
If you are a new business owner and have not been previously assessed by the Property Appraiser, you must file timely. You will not receive the $25,000 exemption if you file after April 1.
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If I rent my furnished home or condo, 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 which lists your personal property. Items that should be listed include: draperies, furniture, appliances and any other personal property included in the rental unit.
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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 with an explanation. Either way, the form MUST be returned. Failure to receive a Personal Property Tax Return (DR-405) does not relieve you of your obligation to file.
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How can I obtain this form?
At the beginning of the year a return is mailed to Tangible Personal Property owners. You can also print one off of our website. If you do not get one, contact the Property Appraiser's Office.
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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.
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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, rented equipment or household goods.
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If I am no longer in business, should I still file the return?
Yes, if you were not in business on January 1 of the taxing year, follow this procedure:
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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.
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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.
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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 on all assets by April 1. If, however the taxes amount to less than $5.00, you will not receive a tax bill.
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Are there deadlines and penalties?
Yes, the deadline for filing a timely return is April 1. After April 1, the Florida Statutes provide that penalties be applied at 5 percent per month or portion of a month that the return is late. A 15 percent penalty is required for unreported property, and a 25 percent penalty is applied if no return is filed.
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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 on 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 therefore consult your realtor, attorney or closing agent to avoid any problems in this area.
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What is an office or field review assessment?
When a tax return is not filed by April we are required to place an assessment on the property. This assessment represents an estimate based on the value of businesses with similar equipment and assets. Being assessed does not alleviate your responsibility to file an accurate return.
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What if I don't agree with the assessed value that appears on the notice of proposed property taxes that I receive in August of each year?
Call our office at904-255-5903 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. After talking with us, and if you still feel the same, you may file a petition to be heard at the Value Adjustment Board.
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