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What is Tangible Personal Property?
Tangible Personal Property is everything other
than real estate that has value by itself. It would
include items such as furniture, fixtures,
equipment, tools, machinery, household appliances,
signs, leasehold improvements, supplies, leased
equipment and any other equipment used in a business
or income producing venture.
Who is Required to File?
Anyone in possession of assets on January 1st who
has either a proprietorship, partnership,
corporation or is a self-employed agent or
contractor, must file each year. Property owners who
lease, loan or rent property must also file.
When Must I File?
All Tangible Personal Property Tax Returns must
be filed between January 1st and April 1st of each
year to avoid penalties. Florida Statutes provide
that penalties be applied at 5% per month or portion
of a month that a return is late. A 15% penalty is
required for unreported or omitted property and a
25% penalty if no return is filed.
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 Tangible Personal Property Tax
Return does not relieve you of your responsibilities
to file.
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