Anyone owning Tangible personal property on January 1 must file a TPP tax return by April 1 each year unless you were notified by our office that the filing requirement has been waived. Every new business owning tangible personal property on January 1 must file an initial tax return. In any year the assessed value of your tangible personal property exceeds $25,000, you are required to file a return. Taxpayers who lease, lend or rent property must also file a return.

Why do I have to file

Section 193.052, Florida Statutes, requires that a tangible personal property tax return shall be filed. After the initial year of filing, if the assessed value on the return is greater than $25,000, a return should be filed. If you receive a letter by mail notifying you to file a tax return, it is because our office has determined that you may have property to report. If you feel the tax return is not applicable, please return the letter with an explanation. Failure to receive a letter does not relieve you of your obligation to file.

What are the deadlines and penalties for untimely filing

The deadline for filing a timely return is April 1, unless a 30-day extension has been requested and approved prior to April 1. Returns filed late are subject to penalties and are NOT eligible for the $25,000 TPP Exemption. After that date, state law provides that penalties be applied at 5% per month or portion of a month that the return is late. A 15% penalty is imposed for unreported property; there is a 25% penalty when no return is filed.

Is there a minimum value that I do not have to report?

No. If this is your initial year you are filing, there is not a minimum value. In subsequent years, if the assessed value based on the return is less than $25,000, the requirement to file a return is waived. If the assessed value based on the return is greater than $25,000, a return must be filed each year.

How do I qualify for the $25,000 TPP Exemption?

A timely return in the initial year must be filed to receive the $25,000 exemption. Filing a return after the April 1 deadline will result in penalties. The return shall be considered the application for the $25,000 tangible personal property exemption and will be applied to the first $25,000 of assessed value for the tangible personal property account. Failure to file a return constitutes a failure to apply for the exemption.

In subsequent years, if the assessed value based on the return is less than $25,000, the requirement to file a return is waived. If the assessed value based on the return is greater than $25,000, a return must be filed each year.

Freestanding property placed at multiple sites, other than where the owner transacts business, will file a single return and receive one $25,000 exemption (examples: vending and amusement machines, LP/propane tanks, utility and cable company property, billboards, and leased equipment).

Can I obtain an extension for filing my Tangible Personal Property Tax Return?

Yes. Florida Statue 193.063 provides that an extension will be granted up to 30 days. The request must be made before the regular due date of the return (April 1). A request for a 30-day extension may be made online by logging in to your TTP account and submitting an “Extension Request” under the “File Return/Extension” tab or by filling out and submitting the extension request form available for download on the Forms page.

Get Your Questions Answered

What is Tangible Personal Property (TPP)?

Who Must File a Tangible Personal Property return?

What is an office or field review assessment?

Must an exempt organization file a Return?

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?

Other Common Questions