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Tangible Personal Property (TPP) Taxes

WHAT IS TANGIBLE PERSONAL PROPERTY (TPP)?

According to Section 192.001, Florida Statutes, "tangible personal property" means all goods, chattels, and other articles of value capable of manual possession and whose chief value is intrinsic to the article itself.

Inventory held for resale and household goods for the owner's personal use are exempt from taxation.

While real property is not subject to taxation as tangible personal property, many items such as signs, parking lot bumpers, exterior lighting, alarm systems and leasehold improvements are taxed as personal property.

The comprehensive guidelines for the assessment of tangible personal property are determined by the Florida Legislature and are enforced by the Florida Department of Revenue (DOR). Click here to view the DOR Tangible Personal Property Appraisal Guidelines.

HOW DO I APPLY FOR THE $25,000 EXEMPTION ON TANGIBLE PERSONAL PROPERTY?

If you are a business owner required to file a tangible personal property tax return, your return also serves as your application for the exemption. No additional application form is required.

WHAT IS RESIDENTIAL PERSONAL PROPERTY (RPP)?

If you own residential rental property, what would normally be household goods if you were living there such as stoves, refrigerators and furniture becomes taxable tangible personal property which must be reported each year. All tangible personal property must be reported, even if it has been fully depreciated or has been "expensed" on your books.

WHO MUST FILE A TANGIBLE PERSONAL PROPERTY RETURN?

Any person or entity that owns or possesses tangible personal property located in Florida as of the January 1 tax assessment date must file a DR-405 tangible property return with the Property Appraiser in the county where the property is (or was) physically located on the assessment date.

WHY WAS I SENT A TANGIBLE PERSONAL PROPERTY RETURN?
You either filed a return last year or our office believes you have property that should be reported.
HOW CAN I OBTAIN A TANGIBLE PERSONAL PROPERTY RETURN?

If you did not receive a return in the mail, please click here to download a copy of the DR-405 form. Be sure your Federal Employer Identification Number (FEIN) or Social Security Number, and the Property Appraiser's account number (####-###-X) appear on the return you file. Please contact us at 954.357.6836 if you do not know your account number. If you operate under a DBA (Doing Business As) name, please indicate the legal name of the entity and the DBA.

WHAT IF I WAS SENT MORE THAN ONE TAX RETURN?
You must file a return for each physical location in Broward County where you have tangible personal property. You will notice that the account numbers are different on each return. Even if you have sold the business or no longer have tangible personal property at a particular location, you must return the form with an explanation.
WHAT IF I HAVE NO TANGIBLE PERSONAL PROPERTY TO REPORT?

Almost every business owner has some personal property to report, even if it is only supplies, rented/leased equipment or fully depreciated/expensed property.

SHOULD I FILE IF I'M NO LONGER IN BUSINESS?
If you possessed tangible personal property on January 1 of the tax year, you must still file the return for that year. In Block 9A and the address correction box, please explain the date you disposed of the assets and the name and address of the current owner of those assets. You must sign and date the return and file it with the Property Appraiser's Office by April 1.
MUST I REPORT TANGIBLE PERSONAL PROPERTY THAT BELONGS TO SOMEONE ELSE, OR WHICH I FURNISH TO ANOTHER BUSINESS?

Yes. Page 2 of the return requires you to list property used in your business which is owned by others. Typical examples are postage meters, telephone systems, copiers, etc. If you own tangible personal property that you lease to others and is typically located in Broward County, you must report this property on Page 1, line 22 of your return.

IS THERE A MINIMUM VALUE THAT I DO NOT HAVE TO REPORT?

No. You must report all tangible personal property. However, if your resulting tax amount is less than $30, you will not receive a tax bill.

WHAT ARE THE TPP FILING DEADLINES? WHAT ARE THE NON-FILING PENALTIES?

Your return must be filed with our office by April 1 (pursuant to Section 193.062, Florida Statutes). If you are unable to file your return before April 1, you may file a request for a 30-day extension. Pursuant to Section 193.063, Florida Statutes, this request must be filed in a reasonable amount of time BEFORE the April 1 deadline so our office may act upon it in a timely manner before the due date.

After April 1, if you did not make a timely request for extension, we are required by state law (Section 193.072, Florida Statutes) to apply a penalty of 5% per month (up to a maximum of 25%) for late-filed TPP returns, a 15% penalty for unreported property, and a 25% penalty when no return is filed.

WHAT IF I BUY OR SELL AN EXISTING BUSINESS DURING THE YEAR?
Tangible personal property taxes constitute a lien against the property, and are not a personal obligation of the owner. If you buy tangible personal property during the year, you should obtain a copy of paid tax bills for prior years and the seller's return and make an agreeable proration of the current year's taxes. Most title companies do not search the public records for unpaid tangible personal property taxes. You must report the property at your cost rather than your seller's cost. Please furnish our office with any allocation of purchase price documents, including I.R.S. Form 8594 (Allocation of Purchase Price), if the personal property was acquired with other assets.
WHAT IF I DO NOT FILE A RETURN?

Even if a tax return is not timely filed by April 1, we are still required to assess all tangible personal property. We will make our best estimate based on similar equipment and assets owned by other similar businesses. The assessment will also include a 25% penalty for non-filing -- so it is in your best interest to file a timely return every year.

WHAT IF I DON'T AGREE WITH THE ASSESSED VALUE THAT APPEARS ON MY TRIM NOTICE OF PROPOSED PROPERTY TAXES?
Each year, we send a TRIM Notice of proposed property taxes listing your assessment for that year. If you have any questions about the value, we encourage you to call our office at 954.357.6836 to discuss your assessment. If you have information that the appraised value is higher than the market value of your property, we welcome the opportunity to speak with you and review all of the pertinent facts. If, after speaking with us, you are still not satisfied, you have 25 days from the August mailing date of the TRIM Notice to file a petition with the Broward County Value Adjustment Board (VAB). This deadline is always in mid-September of each year. Click here to read more about the VAB appeal process.
DO WE NEED TO FILE A RETURN IF WE ARE A CHURCH, SCHOOL OR NON-PROFIT GROUP?

If you are a church, school, or other non-profit entity which may be eligible for a total exemption from TPP and/or real property taxes, please click here to read more about these special exemptions.

IS MY RETURN CONFIDENTIAL OR WILL MY COMPETITORS BE ABLE TO VIEW IT?
Pursuant to Section 193.074, Florida Statutes, your return is strictly confidential when filed with our office. Interested persons may not obtain a copy of it through Florida's Public Records Act, as it is exempt from public disclosure.

For more info about TPP assessments, please
call 954.357.6836 or .

 

Source: Broward County Property Appraiser's Office - Contact our office at 954.357.6830. Legal Disclaimer.

Under Florida law, e-mail addresses are public records. If you do not want your e-mail address
released in response to a public records request, do not send electronic mail to this entity.
Instead, contact this office by phone or in writing.