Tangible Personal Property
Tangible Personal Property (TPP) can be defined as all goods other than real estate that has value by itself. The TPP along with the Real Estate tax comprise the ad valorem tax base in effect today.
Who files a TPP Return?
Anyone in business as of January 1 must file a TPP tax return (DR-405). The business could be established as a proprietorship, partnership, corporation or as a self-employed individual. Property owners who lease, lend or rent property or equipment must also file. All property owners who have been granted an agricultural exemption must file a TPP return to maintain their agricultural exemption.
Florida Statute 193.052 requires that all TPP be reported each year to the Property Appraiser’s Office. If you receive a return, it is because the Property Appraiser’s Office has determined you may have property to report. If you feel the form is not applicable, return it to the Property Appraiser’s Office with an explanation and ensure you sign and date the return. Either way, the form must be returned. Failure to receive a TPP Tax Return does not relieve one of their obligation to file.
Examples of TPP
All trade furniture, fixtures and equipment are TPP. Examples of TPP include appliances, computers, communications towers, copiers, equipment, faxes, file cabinets, fixtures, furniture, leased improvements, machinery, phones, radios, safes, scanners, security systems, signs, tools, televisions, underground tanks, utility wires and poles, supplies and leased equipment. Property owned by others but is located at your business and/or used in your business must be reported. Property that you personally and use in your business must be reported. Licensed vehicles designated as a tool rather than a hauling vehicle must be reported. Examples are towing equipment, cranes, pump trucks, loader forklifts, and excavators.
Deadline to File TPP Return
A TPP tax return must be filed on all assets by April 1.
Learn more about Tangible Personal Property: Florida Department of Revenue.