The following important facts were prepared to assist and inform you about Tangible Personal Property (TPP).
Tangible Personal Property [FL Statute 192.001 (11) (d)]
Tangible personal property (TPP) can be defined as all property, other than real estate, that is used for business purposes or commercial activity. Examples of TPP are tools, furniture, equipment and machinery, supplies and leased or loaned equipment. Also, personally owned items used for business purposes including home office furniture, personal mobile phones, electronic devices, and tools.
Filing Requirements [FL Statutes 193.052 & 196.183]
All business owners, persons, or firms owning, leasing, consigning or renting tangible property in Santa Rosa County on January 1st must file a Tangible Personal Property tax return (DR-405) with the Property Appraiser unless a waiver to file a return was previously granted. Returns and waiver notifications are mailed annually in January. Failure to receive a return does not relieve you of your filing obligations. We encourage you to file your Tangible return(s) online. You can also download the DR-405 filing form.
$25,000 Tangible Exemption [FL Statute 196.183]
Timely filed accounts are eligible for a $25,000 exemption. The TPP Return is the exemption application. New businesses are required to file an initial return even if they have assets less than $25,000.
Filing Dates [FL Statutes 193.062, 193.063, & 196.183]
Tangible property returns are due April 1 unless a 30-day extension has been requested prior to April 1 and approved. Returns filed late are subject to penalties and are NOT eligible for the $25,000 TPP Exemption.
Failure to File [FL Statute 193.073]
If a return fails to be filed for a business located in Santa Rosa County, Florida law requires the Property Appraiser to prepare a tangible assessment which is considered reasonable and appropriate for the business.
Penalties [FL Statute 193.072]
Florida Law requires the Property Appraiser to assess the following penalties:
Waiver of (TPP) Return [FL Statute 196.183]
A Tangible Waiver will be mailed to all accounts of record if the account was fully exempt in the PRIOR year. No action is necessary if the business status or location has not changed and the value for the current year does not exceed $25,000. A return is required if the value exceeds $25,000 or the business has relocated.
If You are No Longer in Business
Please provide written notification to the Property Appraiser’s office including the date your business closed and disposition of the assets. If the business assets were sold, please provide the date of sale and the name of the purchaser.
Household Goods and Furnishings [FL Statutes 192.001(11)(a) & FL Statute 196.183]
Household goods and furnishings become taxable when used for business or commercial purposes.
Confidential Status [FL Statute 193.074]
Tangible property returns are protected by state privacy statutes. This means that the facts recited in tangible returns are treated as privileged and those facts are not divulged to anyone other than state authorities as directed by statute.
Inspection Procedures
Tangible property procedures may require a routine inspection of the premises of tangible owners.
Notice of Proposed Property Taxes [FL Statute 200.069]
Notices of Proposed Property Taxes are mailed annually to taxpayers. These notices contain the times, dates and places of public hearings conducted by tax authorities. These hearings provide an opportunity to address elected officials concerning budgets and tax rates. Proposed assessments, exemptions and taxes are also recited in these notices.
Questions concerning exemptions, penalties, or assessed values should be directed to the Tangible Personal Property Department of the Property Appraiser’s Office at TPPWEB@srcpa.gov.