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TANGIBLE PROPERTY FAQs

 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, signs, equipment, leasehold improvements, supplies, leased equipment and any other equipment used in a business or to earn income.

 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.

 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's 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. Failure to receive a Personal Property Tax Return (DR-405) does not relieve you of your obligation to file.

 How can I obtain a form?

At the beginning of the year a return is mailed to Tangible Personal Property owners. If you do not get one, contact the Property Appraiser's Office.

 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 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, rented equipment or household goods.

 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, or borrow?

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.

 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 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, which lists your personal property. Items that should be listed include: Draperies, furniture, appliances 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.

 What if I buy or sell an existing business during the year? Who is responsible for the taxes?

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 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 and must have an RP (Real Property) sticker. If you do not own the land, but do own the mobile home, you are required to purchase an annual MH (Mobile Home) sticker for your mobile home. The MH sticker takes the place of property 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.

  Where and how can I purchase an MH sticker?

This sticker must be purchased each year during the month of December from the Tax Collector's Office. A new sticker must be purchased each year. The prior year's MH sticker is valid until December 31st.

 What is an office or field review assessment?

When a tax return is not filed by April 1 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 absolve your responsibility to file an accurate return.

  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 this office or come in as soon as possible 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 by the Value Adjustment Board.