Question: What is Tangible Personal Property?
Answer: Everything other than real estate that has a value by itself. It includes items 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.
Question: Who must file?
Answer: Anyone in possession of assets on January 1, who has 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 a return.
In 2008, Florida Voters amended the State Constitution to provide an exemption of up to $25,000 of Personal Property for each owner. Every Property Owner must file in order to receive the $25,000 exemption and property owners with assets valued less than $25,000 must file once so that the Property Appraiser can determine how much property is to be exempted. After the initial filing accounts valued at less than $25,000 will not have to file annually.
Question: Why must I file a return?
Answer: 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 that this form is not applicable, return it with an explanation. Either way, the form MUST be returned to our office. Failure to receive a Personal Property Tax Return (DR-405) does not relieve you of your obligation to file.
Question: How can I obtain the form DR-405?
Answer: At the beginning of each year a return is mailed to all Tangible Personal Property owners. If you do not get one, please contact the Property Appraiser's office.
or Click here to download the Tangible Tax Form
Question: What if I have no assets to report? Do I still need to file a return?
Answer: Yes, If you feel that you have nothing to report, fill out items 1-9 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 they are only supplies, rented equipment or household goods.
Question: If I am no longer in business, should I still file a return?
Answer: Yes. If you were not in business as of January 1st of the Tax Year do the following: On you 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 a return and list these items.
Question: What if I have old equipment that has been fully depreciated and written off the books?
Answer: Whether fully depreciated on your accounting records or not, all property still in use should be reported.
Question: Do I have to report assets that I lease, loan, borrow, rent, or are provided in the rent?
Answer: Yes. There is an area on your return specifically for those assets. Even though the assets are assessed to the owner, they must be listed for informational purposes.
Question: If I rent my furnished home or dwelling for a few months a year, do I have to file a Tangible Personal Tax Return?
Answer: 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 are: draperies, furniture, appliances and any other personal property included in a rental unit.
Question: What are the deadlines and penalties for late filing?
Answer: The deadline for filing a timely return is April 1st. After April 1st, Florida Statutes provide that penalties be applied at 5% per month that the return is late. There is a 25% penalty if no return is filed!
