Frequently Asked Questions
What is TPP?
Tangible Personal Property is everything other than real estate used in a business. It includes furniture, fixtures, tools, machinery, signs, equipment, leasehold improvements, supplies, leased equipment and any other equipment used in a business.
Why must I file a return?
Florida Statute 193.052 requires that all Tangible Personal Property, regardless of age or ownership, be reported each year to the Property Appraiser’s Office. If you receive a return, it is because our office has determined that you may have property to report. If you feel the form is not applicable, return it with a signed and dated explanation. Either way, the form must be returned.
Who needs to file a TPP return?
Anyone who has a proprietorship, partnership, or corporation; is a self-employed agent or contractor; or leases, lends, or rents property on January 1 must file a TPP Return with the property appraiser by April 1 each year.
How can I obtain this form?
At the beginning of the year, a courtesy TPP Return is mailed to Tangible Personal Property owners of record. If you do not receive one, contact the Property Appraiser’s Office. Failure to receive a Personal Property Tax Return does not relieve you of your obligation to file. Forms are available online at www.floridarevenue.com, www.pascopa.com, or at any of our office locations.
Is there an extension available for the April 1st filing deadline?
Pursuant to S.193.063F.S., the Property Appraiser can grant 30-day extensions for filing the Tangible Personal Property Tax Return.
What if I receive more than one Tax Return?
All returns must be returned to our office. If you have more than one location, the assets of each should be listed separately on each return. If you receive two forms for the same location, please indicate one as a duplicate and return it with your filing.
What if I have old equipment that has been fully depreciated and written off the books?
Whether fully depreciated in your accounting records or not, all property in your possession as of January 1st, must be reported. Additionally, all assets expensed under IRS Section 179 Code MUST be reported.
Do I have to report assets that I lease, loan, rent, borrow or are provided in the rent?
Yes, there is an area on the return specifically for those assets. Even if the assets are assessed to the owner, they must be listed for informational purposes. Be sure to include full name and address of the lessor or owner of the assets.
Do I have to file a new TPP return every year?
With the passage of Amendment 1, effective January 1, 2008, some taxpayers with less than $25,000 in business assets are not required to file a Tangible Personal Property Tax Return. However, you must file an initial return to receive the exemption. The exemption applies in all subsequent years that the property value stays at or below $25,000. If you received a filing waiver for the previous year and own property above $25,000 in assessed value, you must file a return on time or be subject to penalties.
Are there deadlines and penalties?
The deadline for filing a timely return is April 1. After April 1, Florida Statutes provide that penalties be applied at 5% per month up to 25% or portion of a month that the return is late. A 15% penalty is required for unreported or omitted property and a 25% penalty if no return is filed.
What if I went out of business PRIOR to January 1. Should I still file a return?
YES. On the return, indicate the date you went out of business. Let us know if you sold or transferred the business to someone else who is operating at the same location or a different location. If you closed the business, did you sell, scrap, or abandon some or all the assets? Any assets that you retained which were not converted to personal use should be reported.
What if I went out of business AFTER January 1. Should I still file a return?
YES, since you were still in business on January 1, you are required to file a Tangible Personal Property Tax Return. On the return indicate the date you went out of business. Let us know if you sold or transferred the business to someone else who is operating it at the same location or a different location. If you closed the business, did you sell, scrap, or abandon some or all the assets. Any assets that you retain which are not converted to personal use should be reported next year. If you buy/sell after January 1st, the tangible taxes should be prorated at the time of closing. Most title companies do not do a search of the tangible assets of a business. You should consult your realtor, attorney or closing agent to address tax proration, and other related issues as to avoid future problems in this area.
What if I don’t agree with the assessed value that appears on the notice of proposed property taxes that I receive in August of each year?
Call our office or come in and discuss the matter with us. If you have evidence that the appraised value is more than the market value of your property, we will welcome the opportunity to review all the pertinent facts. After talking with us, if your issues are not resolved, you have 25 days from the date of the notice [TRIM] to file a petition with the Value Adjustment Board. It is important that any value discrepancies be addressed at this time. Otherwise, a correction may not be allowed.