• Trouble logging in? Send us a message with your username and/or email address for help.
New posts

jhanes

Beach Lover
Jun 16, 2009
69
18
Lebanon, TN
I'm a new owner of a condo in Walton County and it's on the rental market. I just got a tax form in the mail asking me to account for all the items in the condo??? Can anyone fill me in on this process? How detailed is the information requested? How do you all handle this?
 

sadie1

Beach Lover
May 31, 2009
144
17
do you live in fla? for out of state i've never heard of that.i thought fla did away with that? isn't 11.5% enough for the pigs.this is from the dept of rev's site. all this crap is a pain in but. it seems if your contents are worth under 25k no tax. some of the people on the board who have rented there places for a long time please comment on this. thanks


What is Tangible Personal Property?
Tangible Personal Property (TPP) is everything other than real estate that has value by itself, and is being used for business or income producing purposes. It would include items such as furniture, fixtures, tools, machine leasehold improvements, supplies, leased equipment and any other equipment used in a business or to earn income.
Back to FAQ Listing
Who must file?
Anyone in possession of assets on January 1 who has either a proprietorship, partnership, corporation or is a self-employed agent or contractor must file each year. Property owners who lease, lend or rent property must also file. In addition, mobile home owners who do not own land but rather rent space in mobile home parks or from private owners must pay tangible personal property taxes on mobile home attachments and, in some cases, on the home itself.
Back to FAQ Listing
Is my mobile home considered real or tangible personal property?
If you own both the land and the mobile home, and it is permanently set up, it is considered real property, if you declare so, by purchasing a Real Property (RP) sticker from the Tax Collector. If you do not own the land but do own the mobile home you are required to purchase and affix a mobile home sticker to your mobile home. This sticker takes the place of taxes. Any attachments to the mobile home would be considered personal property. If no sticker is purchased for the mobile home then both the home and attachments are considered personal property.
Back to FAQ Listing
What is the new $25,000 exemption?
On Jan. 29, 2008, voters approved Amendment One - a property tax reform package that includes a $25,000 exemption for Tangible Personal Property. Businesses must file a tangible personal property return to qualify for the exemption. Businesses with assets under $25,000 must file an initial return, and will not be required to file again until their assets exceed the $25,000 threshold.
If you are a new business owner and have not been previously assessed by the Property Appraiser, you must file timely. You will not receive the $25,000 exemption if you file after April 1.
Back to FAQ Listing
If I rent my furnished home or condo, do I have to file a tangible personal property tax return?
Yes, since rental activity is of an income producing nature, you must file a return which lists your personal property. Items that should be listed include: draperies furniture, appliances and any other personal property included in the rental unit.
Back to FAQ Listing
Why must I file a return?
Florida Statute 193.052 requires that all tangible personal property 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 an explanation. Either way, the form MUST be returned. Failure to receive a Personal Property Tax Return (DR-405) does not relieve you of your obligation to file.
Back to FAQ Listing
How can I obtain this form?
At the beginning of the year a return is mailed to Tangible Personal Property owners. You can also print one off of our web site. If you do not get one, contact the Property Appraiser's Office.
Back to FAQ Listing
What if I receive more than one tax return?
All returns must be sent back. If you have more than one location, the assets of each should be listed separately on each return.
Back to FAQ Listing
What if I have no assets to report? Do I still have to file a return?
Yes, if you feel you do not have anything to report, fill out items 1 through 9 on the return, and attach an explanation of why nothing was reported. However, almost all businesses and rental units have some assets to report even if it is only supplies, rented equipment or household goods.
Back to FAQ Listing
If I am no longer in business, should I still file the return?
Yes, if you were not in business on January 1 of the taxing year, follow this procedure:
On your return, indicate the date you went out of business and the manner in which you disposed of your business assets. Remember, if you still have the assets, you must file on them. Sign and date the return. Have your signature notarized. Mail the return back to this office.

Back to FAQ Listing
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 still in use or in your possession should be reported.
Back to FAQ Listing
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 though the assets are assessed to the owner, they must be listed for informational purposes.
Back to FAQ Listing
Is there a minimum value that I do not have to report?
No, there is no minimum value. A tangible tax return must be filed on all assets by April 1. If, however the taxes amount to less than $5.00, you will not receive a tax bill.
Back to FAQ Listing
Are there deadlines and penalties?
Yes, the deadline for filing a timely return is April 1. After April 1, the Florida Statutes provide that penalties be applied at 5% per month or portion of a month that the return is late. A 15% penalty is required for unreported property, and a 25% penalty is applied if no return is filed.
Back to FAQ Listing
What if I buy or sell an existing business during the year - who is responsible for the taxes?
The new owner is responsible, however if there is insufficient property to satisfy the taxes due, the owner on January 1 would be responsible for the difference. Most title companies do not do a search of the tangible assets of a business. You should therefore consult your realtor, attorney or closing agent to avoid any problems in this area.
Back to FAQ Listing
What is an office or field review assessment?
When a tax return is not filed by April we are required to place an assessment on the property. This assessment represents an estimate based on the value of businesses with similar equipment and assets. Being assessed does not alleviate your responsibility to file an accurate return.
Back to FAQ Listing
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 at 630-1964 or come in and discuss the matter with us. If you have evidence that the appraised value is more than the actual fair market value of your property, we will welcome the opportunity to review all the pertinent facts. After talking with us, and if you still feel the same, you may file a petition to be heard at the Value Adjustment Board.
 
Last edited by a moderator:

ShallowsNole

Beach Fanatic
Jun 22, 2005
4,292
849
Pt Washington
Tangible Personal Property Tax is a tax paid over the useful life of property used for production of income and has nothing to do with the sales tax (or the bed tax) that is collected from customers. All businesses pay it. Every place I've ever worked for paid it. Fuzz's grandparents paid it on their farm equipment back in the day.

I consider myself intelligent, and it is the most confusing form I've ever seen in my life. Happily, I don't work with it. Those with questions should contact the Property Appraiser's office.
 
Last edited:

Franny

Beach Fanatic
Mar 27, 2005
4,046
410
Pt. Washington
The contact number is 850-892-8123 for any questions regarding tangible taxes. I will add that if the value of your TPP assests is less than $25,000 your requirement to file is waived.
 

gmarc

Beach Fanatic
Jan 19, 2009
506
65
fanny i thought you still had to file?the note above says you have to file an initial return then not again till your assets over 25k
 

NewUrbanGirl

Beach Lover
Feb 4, 2006
88
19
fanny i thought you still had to file?the note above says you have to file an initial return then not again till your assets over 25k

That is correct, I believe. We filed initially and now we get the following form in the mail, so it's a once and done thing until the State of Florida decides to repeal or change the filing exclusions. Not that I want to give Tallahassee any ideas....


waiver.jpg
 

pk305

Beach Fanatic
Apr 11, 2005
416
11
Nashville & Seagrove
TPP tax Question?

trying to learn more about this TPP (tangible personal property) tax....to get a feel for how it's calculated....

i understand about the $25k exemption....so if a rental unit has for example $40k in tangible personal property, would the owner be responsible for tpp taxes on $15k?....and about how much would that tax likely be (or is it all dependent on individual situation)??

Just trying to get a feel for this from some of you who have experience with this...appreciate any input you can provide!
THANKS, PK

ps --- if you are at the beach BE THANKFUL....lots of snow snow snow....and soooo cold in Nashville!!
 
New posts


Sign Up for SoWal Newsletter