Tangible Personal Property
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Tangible Personal Property
Tangible Personal Property is all property other than real estate that has value in or of itself. It includes items such as business machinery, office equipment, office furniture and fixtures, industrial equipment and farm equipment and other items.
Any person or business that owns such property as of January 1st of any year must file a Tangible Personal Property return (DR-405) and file it with the Property Appraiser's office no later than April 1st. The forms for this filing are available at the Property Appraiser's office, our website, or at the Department of Revenue's website. The form must be completed fully, including the year the property was purchased, the purchase price, age, and a description of the item. You should also list any property that you lease or rent from another company and their name and address.
After the original return is filed, you will receive a form every January to assist you in remembering to file. Failure to file this return can result in penalties under Florida Statutes.
If you do not receive a form from this office, please contact us. Please note that it is the property owner's responsibility to file the return even if we do not send you a form. If you dispose of any or all of your property during any given year, you should list this on your return for the following year. If you have disposed of all your tangible property, you should indicate this on your return and send it to this office.
In compliance with Florida Statutes, all tangible personal property located in this county and used in the operation of a business or other income producing venture as of January 1st of each year must be reported at 100% of the unadjusted original cost. Property is to be reported on form DR-405 which is mailed to taxpayers of record by the office of the Property Appraiser in early January. Unlike most real property documents which are considered to be public record, all personal property returns and documentation required by 193.052 and submitted by the taxpayers pursuant to law are deemed confidential in the hands of the Property Appraiser (Florida Statute 193.074).
In 2008, Amendment 1 was enacted which created a $25,000 Tangible Personal Property Exemption. All Tangible Personal Property accounts are eligible to receive up to a $25,000 exemption. In order to receive the exemption, a Tangible Personal Property return (DR-405) must first be timely filed by April 1. All new businesses are required to file this return in order to receive the exemption.
Based on the value of your tangible personal property last year, you do not have to file a tangible personal property return for this year unless the value of your tangible personal property was more than $25,000 on January 1 of this year.
As long as the value of your property remains $25,000 or less on January 1 of each year, you will not need to file a tangible personal property return.
If the value of your property was/is more than $25,000 on January 1 of last year or any following year, you must file a tangible personal property return, Form DR-405, by April 1.
If you were required to file a return in the previous year but did not, you may have to pay a penalty of 25% of the total tax levied against the property for each year that you did not file, calculated without benefit of the exemption. If you claim more exemptions than allowed, the penalty is the taxes exempted because of the wrongful claim plus 15% interest each year and a penalty of 50% of the taxes exempted (Florida Statutes 196.183).