Tangible Personal Property

Tangible Personal Property (TPP)

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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 or to earn income.  

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.  

Anyone in possession of assets on January 1st who has either a proprietorship, corporation or is a self-employed agent or contractor, must file a tangible personal property tax return each year.  Property owners who lease, loan or rent tangible personal property must also file. 

In order to qualify for the TPP Exemption, businesses must file a DR-405, tangible personal property tax return with the Property Appraiser’s Office by April 1st. New businesses must file an initial tax return by April 1st to receive the exemption. Click HERE for the tax return & Instructions. Even if you believe the value of your assets are less than $25,000, you must file an initial tax return with our office to receive your TPP exemption. Failure to file a tax return constitutes failure to apply for the exemption and may result in loss of the exemption and assessment of penalties. The exemption is applied to the first $25,000 of taxable value on your tangible personal property assets. 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.  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.

NOTE: If your value was previously under $25,000 but now exceeds this amount as of January 1st in any subsequent year, you MUST file a tangible tax return by April 1st.  You may contact our Office and request a form or download one from our website for your specific account.

At the beginning of the year a courtesy 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 from this Office does not relieve you of your obligation to file. 

Forms are also available on our website. Click HERE to download. 

Pursuant to Florida Statute 193.063, the Property Appraiser will grant 30-day extensions for filing the tangible personal property tax return. Click HERE to download the Form & Instructions.

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 (2) forms for the same location, please indicate one as a duplicate and return it with your filing.

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.

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.

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 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.

The owner as of January 1st is responsible.  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.

When a tax return is not filed by April 1st, this office is required to place an assessment on the property.  Typically, we will visit the property and list the assets for assessment purposes.  This assessment represents an estimate based on the value of businesses with similar equipment and assets. You will also be penalized 25% for failure to file.  Being assessed does not alleviate your responsibility to file an accurate return. If you are required to file a TPP return and do not file by April 1st, the TPP exemption will be forfeited for the current year.

If you were not in business on January 1st of the taxing year, follow this procedure:
1. Please complete the Affidavit of Change in Personal Property Form on our website under the “Forms” Tab.

2. Answer all questions with sufficient detail.3. Mail back BOTH the return & affidavit, signed & dated to this Office by April 1st.

Call our office or come in and discuss the matter with us. If you have evidence that the appraised value is more than the actual 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 may file a petition to be heard by the Value Adjustment Board.  It is important that any value discrepancies be addressed at this time.  Otherwise a correction may not be allowed.

Helpful Hints and Suggestions

  •  File the original return received from this office (with name, account number and bar code preprinted) as soon as possible before April 1st.  Be sure to sign and date your return. 
  • Work with your accountant or C.P.A. to identify any equipment that may have been “Physically Removed” prior to January 1st.  Designate those assets in the appropriate space on your return. 
  • If you have an asset listing or depreciation schedule that identifies each piece of equipment, attach it to your completed return. 
  • Do not use vague terms such as “various” or “same as last year.” 
  • It is to your advantage to provide a breakdown and description of assets since depreciation on each item may vary. 
  • Please include your estimate of fair market value, condition, the total original installed cost and year of acquisition of the asset(s) on your return.  They are important considerations in determining an accurate assessment. 
  • Additional information regarding filing is provided in the instructional section of the return itself. 
  • If you sell your business, go out of business, or move to a new location, please complete the Affidavit of Change in Personal Property Form. It will enable us to keep timely, accurate records.

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

Additional Information

Calendar

  • January 1: Date of assessment – Personal property returns mailed.
  • April 1: Deadline to request an extension to file a Tangible Personal Property tax return.
  • April 1: Filing deadline for personal property returns to avoid penalties.
  • August: Notices of proposed tax mailed.
  • September: Deadline to file Value Adjustment Board petition.
  • November: Tax bills sent by Tax Collector.

Forms

Tables

TPP Department

Office Location:
915 4th Ave. W.
Bradenton, FL 34205

Phone: 941.748.8208
Fax: 941.742.5666
e-mail: TPP@manateepao.com

Office Hours: 8:30 A.M. – 5:00 P.M.
Monday – Friday
(Excluding Holidays)