Tangible Personal Property
Frequently Asked Questions
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What is Tangible Personal Property?
Tangible Personal Property is any goods, chattels, and other equipment or furnishings owned by and /or used for a business purpose. This includes equipment personally owned, fully depreciated, or written off for Internal Revenue Service’s purposes. Any assets reported on IRS form 4562 along with Section 179 assets are considered Tangible Personal Property. Some examples of Tangible Personal Property include but are not limited to: computer equipment, security equipment, office equipment, furniture, fixtures, medical, dental, manufacturing equipment, capital leases, signage and leasehold improvements. Class 94 vehicles (vehicles registered as a tool & not as transport) are Tangible Personal Property. Vehicles not registered as Class 94 (tool) may have equipment attached such as air compressors, power cranes, and tool boxes that are considered Tangible Personal Property. The filing deadline for Tangible Personal Property returns is April 1st of each year..
Who must file?
Anyone who owns or has possession of assets on January 1st and is a sole proprietorship, partnership, company, 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 requires that all Tangible Personal Property be reported each year to the Property Appraiser’s office. If you receive a return, our office determined that you may have personal property to report. If you feel the form is not applicable, return the form with an explanation.
How can I obtain this form?
As a courtesy, the Property Appraiser mails a return at the beginning of each year. If you do not receive one, you may download a return or contact us directly for assistance.
I received more than one form. Am I required to file both?
Yes, if you received multiple forms, it means we have been informed that you have more than one business or location.
If I have no assets to report, do I still have to file a return?
Yes. If you feel you do not have assets to report, fill out items 1 through 9a on the return and attach an explanation of why nothing was reported.
If I am no longer in business, should I still file the return?
Yes. If you were not in business on January 1st of the tax year, follow this procedure:
- On your return, indicate the date you went out of business and the manner in which you disposed of the assets.
- If the business sold, include buyer information such as date of sale, name address, telephone number. Include sales agreement, if available.
- Sign, date and mail the return back to the Property Appraiser by April 1st.
What if I have old or expensed equipment that has been depreciated and written off?
All equipment still in use or in your possession must be reported. Expensed and Section 179 assets must be reviewed and reported.
What if I lease or rent my equipment?
Report leased or loaned equipment in the proper area of the return. Include the owner’s name and contact information of the equipment.
Is there a minimum value that I do not have to report?
No. There is no minimum value.
Is my mobile home considered real or tangible personal property?
If you own both the land and mobile home, the mobile home must be declared real property and a Real Property (RP) decal must be purchased. If you do not own the land, but do own the mobile home; you are required to purchase a yearly decal for the mobile home.
Tangible Personal Property Exemption
Businesses with tangible personal property assets are required to file a timely return to qualify for an exemption of up to $25,000. A timely filed return is application for the exemption. Returns must be received or postmarked by April 1st of each year. If the Just Value of the business tangible is $25,000 or less, the filing requirements will be waived in future years UNLESS the Just Value increased to over $25,000. It is the responsibility of the taxpayer to timely file if the value increases to greater than $25,000 in any year. Severe penalties accrue for not filing if the value increases above the $25,000 in any year.