Tangible Property Returns

Tangible personal property is everything other than real estate that is used in a business or rental property.

Anyone owning Tangible personal property on January 1 must file a tax return by April 1 each year unless you were notified by our office that the filing requirement has been waived. Every new business owning tangible personal property on January 1 must file an initial tax return. In any year the assessed value of your tangible personal property exceeds $25,000, you are required to file a return. Taxpayers who lease, lend, or rent property must also file a return.

Section 193.052, Florida Statutes, requires that a tangible personal property tax return shall be filed. After the initial year of filing, if the assessed value on the return is greater than $25,000, a return should be filed.

A tax return must be filed for each letter you received. If you have more than one location where you transact business the assets of each should be listed separately on each return.

Complete the TPP Account Status Change Form with an explanation.

Whether fully depreciated in your accounting records or not, all property still in use or in your possession should be reported.

YYes. 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 shut the business down, did you sell, scrap, or abandon some or all of the assets. Any assets that you retained which were not converted to personal use should be reported.

Yes, since you were still in business on January 1, you are required to file a tangible personal property tax return. Report all tangible personal property of the business as of January 1. 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.

Yes. If the lease is a true/operating lease, complete section leased loaned and rental equipment on the back of the return.

If this is your initial year you are filing there is not a minimum value. In subsequent years, if the assessed value based on the return is less than $25,000, the requirement to file a return is waived. If the assessed value based on the return is greater than $25,000, a return must be filed each year.

The deadline for filing a timely return is April 1. After that date, state law provides that penalties be applied at 5% per month or portion of a month that the return is late. A 15% penalty is imposed for unreported property; there is a 25% penalty when no return is filed.

If the business you buy was in business on January 1 and had tangible personal property, the Orange County Tax Collector will issue a tax bill in November for taxes levied against that property.

When a tax return is not filed by April 1 and the filing requirement has not been waived, we are required to place an assessment on the property.

A timely return in the initial year must be filed to receive the $25,000 exemption. Filing a return after the April 1 deadline will result in penalties. The return shall be considered the application for the $25,000 tangible personal property exemption and will be applied to the first $25,000 of assessed value for the tangible personal property account. Failure to file a return constitutes a failure to apply for the exemption.In subsequent years, if the assessed value based on the return is less than $25,000, the requirement to file a return is waived. If the assessed value based on the return is greater than $25,000, a return must be filed each year.Freestanding property placed at multiple sites, other than where the owner transacts business, will file a single return and receive one $25,000 exemption.

If you disagree with the assessment, call or visit our office to discuss the matter with us.

Provide the following information in excel format:

1. Physical location of leased equipment
2. Retail selling price new
3. Type of equipment/ description of asset
4. Year acquired for each unit of leased equipment

In addition to your excel filing, you must still provide by mail the original signed and dated tax return.

Provide the following information in excel format:

1. Physical location of equipment
2. Original cost of equipment
3. Type of equipment
4. Year acquired for each unit of equipment

In addition to your excel filing, you must still provide by mail the original signed and dated tax return.

Provide the following information along with the Tangible Personal Property Tax Return:

1. Total number of units certified for occupancy as of Jan. 1
2. Total number of timeshare weeks owned by the developer as of Jan. 1
3. Total number of timeshare weeks owned by other parties as of Jan. 1
4. Total number of nights the timeshares, owned by other parties, was rented out during the preceding year