Tangible Personal Property
Tangible Personal Property (TPP) is everything other than real estate that has value, typically business assets or attachments to mobile homes on rented land. It includes office furniture, fixtures, tools, machinery, household appliances, signs, equipment, leasehold improvements, supplies, leased equipment and any other equipment.
Anyone in possession of business assets on January 1st who has a proprietorship/partnership/corporation or is a self-employed agent or contractor, must file a TPP tax return each year. Property owners who lease, lend or rent property must also file a return with our office.
Section 193.062, Florida Statutes, requires all new and previously taxed businesses to file a TPP Tax Return (FL DOR form DR-405) by April 1 of each year.
If you file your TPP return with us by April 1, you will be eligible for a property tax exemption of up to $25,000 of assessed value (Section 196.183, Florida Statutes). However, the exemption does not apply in any year that a taxpayer fails to timely file a return that is not waived per Section 196.183(5), Florida Statutes.
Businesses that previously filed and benefited from the $25,000 TPP exemption are mailed exemption renewal postcards in December. As long as the value of your TPP property remains at $25,000 or less on January 1 of each year AND you receive a postcard, you will not need to file a TPP Return. If the value of your property was more than $25,000 on January 1 of last year or any following year, you must timely file a TPP Tax Return (DR-405) (reference Section 196.183(5), Florida Statutes).
We will gladly accept your signed TPP Tax Return (FL DOR form DR-405) and completed Excel template at TPPconfidential@pcpao.gov. Mailing a return is not necessary once you file through our TPPconfidential email address. For more information, please contact our office or visit the Florida Department of Revenue TPP website.
As always, we welcome your calls for any assistance or clarification you may need.