TPP Exemption

TPP Exemption

FAQ

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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.

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. Even if you believe the value of your assets is less than $25,000, you must file an initial return with our office to receive your TPP exemption. The failure to file a tax return constitutes a failure to apply for the exemption.

The deadline to file a TPP tax return without a penalty is April 1st.

Yes, as long as the extension request is received by the Property Appraiser’s office prior to April 1st. Link to TPP Extension Request Form.

The exemption is applied to the first $25,000 of taxable value on your tangible personal property assets.

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.

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.

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 must file a TPP Tax Return with the Property Appraiser’s office by April 1st. You may contact our office to have a TPP Tax Return mailed to you. You can also download the form from the Online Forms page, or complete a fillable PDF form to print and mail.

For additional information, please contact the Tangible Personal Property Department at 941-748-8208 or email tpp@manateepao.com