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FREQUENTLY ASKED QUESTIONS
$25,000 Tangible Personal Property Exemption
What is tangible personal property (TPP)?
It is everything other than real estate that is used in a business. Examples of tangible personal property are furniture, fixtures, machinery, equipment, tools, signs, supplies and leased equipment.
How do I apply for the Tangible Personal Property Exemption?
Under Amendment 1, effective January 1, 2008, an initial DR-405, tangible personal property tax return must be filed with the Property Appraiser’s office by April 1st to receive the exemption. The failure to file a tax return constitutes a failure to apply for the exemption.
When must I file my TPP Tax Return?
The deadline to file a TPP tax return without a penalty is April 1st.
If I file for an extension am I still eligible to receive the exemption?
Yes, as long as the extension request is received by the Property Appraiser’s office prior to April 1, 2010. CLICK HERE to download an extension request form.
How is the $25,000 exemption applied?
The exemption is applied to the first $25,000 of taxable value on your tangible personal property assets.
Do I need to file for the exemption each year?
The requirement to file an annual return in subsequent years will be waived unless the value of your TPP exceeds $25,000 on January 1st.
How do I report my business equipment if the value exceeds $25,000?
Every business that has assets exceeding $25,000 as of January 1st, must file a TPP tax return with the Property Appraiser’s office by April 1st. Failure to file as required will result in the loss of the exemption and the assessment of penalties.
Do I file a return if the value of my business equipment is less than $25,000?
Once you have filed an initial return, as long as the value of your business assets does not exceed $25,000, you are not required to file a return in subsequent years. You should receive a notice from this office indicating that you have been waived from filing a return for the current year UNLESS you have added assets which result in the value of your assets exceeding $25,000 as of January 1st.
If I received a "waiver from filing" notice, but I’ve added new assets to my business what do I do?
You must file a TPP tax return with the Property Appraiser’s office by April 1st. You may contact our office to have a return mailed to you or CLICK HERE to download a TPP Tax Return.
For additional information, please contact the Tangible Personal Property Department at 941-742-5660.
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