Tangible Personal Property Information

Tangible personal property (TPP) consists of all goods, chattels, and other articles of value. TPP includes but is not limited to, machinery, equipment, furniture, fixtures, signs, window air conditioners, supplies, leased, loaned, borrowed, or rented equipment used in a business, mobile home attachments on rented land (carport, screened porch, Florida room, etc.) furniture and appliances in rental properties.

Who Is Required To File

Every person, firm, corporation, etc. owning tangible personal property used in a business, or commercial venture, is required to file an initial return with the Property Appraiser, except for owners of mobile home attachments on rented land.

$25,000 Tangible Personal Property Exemption

Amendment 1, approved on January 29, 2008, allows a $25,000 exemption for tangible personal property. Filing a tangible personal property tax return (DR405) is considered the application for the $25,000 exemption. County regulations determine whether a return needs to be filed annually, in order to qualify for the exemption, or if it is a continuous process. Check with your county Tax Collector to learn more.

Accordingly, a return must be filed by April 1st to receive the exemption. A return filed after the April 1 deadline does not qualify for the exemption.

When to File

All tangible personal property returns must be filed between January 1 and April 1, to avoid penalties and to qualify for an exemption of up to $25,000 of value.

Penalties will be imposed for failing to file, and improper or late filing of the return. As follows:

  1. Failure to file: 25%
  2. Filing after due date: 5% per month
  3. Unreported property: 15% of tax attributable to omitted property.

Failure to file a return or to properly submit the property for taxation does not relieve the taxpayer of any requirement to pay all taxes assessed against the property.

Notice of Proposed Property Tax

Each year the Tax Collector's duty is to send out initial notification to the owner's addresses on record for each tangible account. It is the taxpayer's responsibility to make sure the most updated information is provided to the Property Appraisers office of each respective county.

Property Appraiser's Just Value Appraisal

If you feel the actual assessed property value differs from the Property Appraiser's evaluation or you have evidence the appraisal is more than the actual fair market value, you need to immediately make contact with the Property Appraiser's office of your respective county.

Petition to the Value Adjustment Board

After speaking with the Property Appraiser's office, if you still find a significant difference between their appraisal and what you feel your property's market value is, you may request a hearing before the Value Adjustment Board. A written petition must be filed with the Clerk of the Circuit Court, acting as Clerk of the Value Adjustment Board, during the appropriate filing period, usually late August-early September. Petitions may be obtained from the Property Appraiser's office.

The Value Adjustment Board's function is to hear evidence concerning whether or not properties called to their attention are appraised at more or less than their just value on the previous January 1. If such is the case, the Board has the authority to change the appraised value. The Board also hears Appeals of Exemption and Classified Value Denial.

Statutes pertaining to Tangible Personal Property Taxes:

11 USC 523 197.402
192.053 197.412
193.052 197.413
193.085 197.4155
193.072 197.416
193.073 197.417
193.075 213.50
194.171 559.20
196.031 559.21
196.183 607.1401
197.122 607.1421
197.146 775.082
197.172 775.083
197.332 818.01