Tangible Personal Property includes machinery, equipment, furniture, fixtures, leasehold improvements, signs, supplies and leased equipment, mobile home attachments on rented land, and furnishings in rental units. Florida Statute 193.052 requires that anyone in possession of assets as of January 1 must file a Tangible Personal Property Tax Return to receive the Amendment 1 Exemption of $25,000. All tangible personal property must be reported no later than April 1 of each year in order to avoid penalties. The property Appraiser’s office is required by law to place a value on non-filer accounts plus a penalty.
Florida’s Constitution prohibits state government from levying ad valorem taxes on real property and tangible personal property. This gives counties, school districts, municipalities and special taxing districts the right to levy ad valorem taxes on real property and tangible personal property. The state legislature can and does regulate the maximum rate at which ad valorem taxes can be levied and the manner in which they are collected.