What is Tangible Personal Property?
Tangible Personal Property is everything other than real estate that has value by itself. It includes such items as furniture, fixtures, tools, machinery, household appliances, signs, EDP (computers), equipment, leasehold improvements, supplies, leased equipment and any other equipment used in a business or to earn income.
Who Must File a Tangible Personal Property return?
Anyone who owns, or is in possession of, Tangible Personal Property on January 1 who has either a sole proprietorship, partnership, company, corporation, or is a self-employed agent or contractor may be required to file. If you have received a waiver letter and you have not added property that would cause the total value to exceed $25,000, you are not required to file a return. If the location of your business has changed, or if there has been a change in ownership, 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 return, our office has determined that you may have personal property to report. If you feel the form is not applicable, the form MUST be returned. If you did not receive a Tangible form and have an operating business, please contact our office for further instructions.
How can I obtain this form?
In addition to being available at our offices and on our websites, a return is mailed at the beginning of each year. If you did not receive one, contact the Property Appraiser’s Office.
Can I file my return online?
No, currently online filing is not available on our website.
What if I don’t have equipment to report? Do I still have to file a return?
Most businesses, no matter how small, will have some type of equipment to report. If you feel you need clarity, as to what is considered tangible equipment, feel free to contact our Tangible Department to further assist you.
I received a BLUE CARD, do I need to submit it?
Yes, this will provide a record of changes of your equipment listing. If changes occurred in the taxing year, we will send you a DR405, in the event a “YES” is checked. Failure to report any changes may result in assessment adjustment & penalties. See sample card below:
If I am no longer in business, should I still file the return?
Yes, at all times it is recommended that you inform us of all changes. It will avoid an assessment to be issued for equipment that is no longer in operations as well as avoid an erroneous tax bill from being issued to the wrong tax payer.
Are Tangible Personal Property and Real Estate taxed at the same rate?
Yes, both are taxed at the same millage rates if they are in the same taxing jurisdictions.
Do I have to report assets that I lease, loan, or rent?
Yes, there is an area on the return specifically for those assets. Although 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. If you are required to file there is no minimum value. A tangible return must be filed on all assets by April 1.
Are there deadlines and penalties?
The deadline for filing a timely return is April 1. After April 1, Florida Statutes 193.072 provide that penalties be applied at 5% per month that the return is late, up to 25%.
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 in this manner does not alleviate your responsibility to file an accurate return nor abate penalties.
Must an exempt organization file a Return?
Yes, Florida Statute 193.052 requires that all personal property be reported each year to the Property Appraiser’s Office. Although an ad valorem tax exemption application is submitted by March 1, and all qualifications are met under Chapter 196 of the Florida Statutes, the Property Appraiser must still determine a value of the assets.
Can I obtain an extension for filing my Tangible Personal Property Tax Return?
Yes! You must file an “HCPAEXTFRM Form”, to request an extension. Florida Statue 193.063 provides that an extension will be granted up to 30 days. A request for extension must include the name of the taxable entity and the tax identification number. You can always call our office for further assistance.
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 do NOT own the land but do own the mobile home, you are required to purchase a Mobile Home decal in December of each year. The mobile home decal takes the place of Tangible Personal taxes on the Mobile Home.
Do I file a Tangible Personal Property Tax Return if I have land that has an “Agricultural Classification”?
Agriculture Classification is based on a Bona Fide agricultural business; this business must file a Tangible Personal Property Tax Return.