TANGIBLE PROPERTY FAQs
What is tangible personal
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
All returns must be sent back. If
you have more than one location, the assets of each should be listed on separate
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
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
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
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
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
What is an office or field review
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
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.