TANGIBLE PERSONAL PROPERTY
TANGIBLE PERSONAL PROPERTY
If you own a business, you may owe tangible personal property tax. Equipment and other items that are used in your business but are not considered in the assessed value of your business’ real property are taxed as tangible personal property. For a business this may include office furniture, computers, tools, supplies, machines, and leasehold improvements. Inventory that is for sale as part of your business is not taxed.
Tangible personal property is taxed at the same tax (millage) rate as real estate.
Homestead property and household goods are exempt from this tangible personal property tax.
Your Rights—Businesses that owe tangible personal property tax have the right to request an extension of time beyond the April 1 deadline to file a tangible personal property tax return (Form DR-405). If you unintentionally file your return late, you may request that the penalties be reduced or waived.
As with real estate, you have the right to seek administrative review of your annual tangible personal property tax assessment if you believe the assessment exceeds the fair market value of the property.
WARNING: If you do not file a tangible personal property tax return (due to be filed by April 1 annually), you run the risk of being precluded from having your appeal heard.
For more information, contact the county property appraiser or a property tax professional. To contact an experienced Florida property tax professional, click here.
If you own a business, you may owe tangible personal property tax. Equipment and other items that are used in your business but are not considered in the assessed value of your business’ real property are taxed as tangible personal property. For a business this may include office furniture, computers, tools, supplies, machines, and leasehold improvements. Inventory that is for sale as part of your business is not taxed.
Tangible personal property is taxed at the same tax (millage) rate as real estate.
Homestead property and household goods are exempt from this tangible personal property tax.
Your Rights—Businesses that owe tangible personal property tax have the right to request an extension of time beyond the April 1 deadline to file a tangible personal property tax return (Form DR-405). If you unintentionally file your return late, you may request that the penalties be reduced or waived.
As with real estate, you have the right to seek administrative review of your annual tangible personal property tax assessment if you believe the assessment exceeds the fair market value of the property.
WARNING: If you do not file a tangible personal property tax return (due to be filed by April 1 annually), you run the risk of being precluded from having your appeal heard.
For more information, contact the county property appraiser or a property tax professional. To contact an experienced Florida property tax professional, click here.
posted by Daniel A. Weiss at
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