Are there deadlines and penalties?
The deadline for filing your DR-405 return is April 1 . After April 1, Florida Statutes provide that late penalties be applied at 5% per month, but not to exceed 25%. A 15% penalty is required for unreported property and a 25% penalty if no return is filed. What if I buy or sell an existing business during the year. Who is responsible for the taxes? The owner is responsible. Tangible taxes should be pro-rated at the time of closing as are the taxes on real estate. However, there are some title companies that do not perform a search of the tangible assets of a business. Therefore, be sure to consult your Realtor, attorney or closing agent to avoid problems. What if I don’t have enough value to report? Some taxpayers may feel that they do not have enough value to worry about filing a return. However, if you receive a Tangible Personal Property Tax Return (DR-405), it must be filed with this office by April 1 . If a return is not filed, pursuant to the Florida Statutes, this office has th
A. The deadline for filing a timely return is April 1. After April 1 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 if no return if filed. Q. What if I buy or sell an existing business during the year – Who is responsible for the taxes? A. 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 problems in this area. Q. Is my mobile home considered real or tangible personal property? A. If you own both the land and the mobile home, and it is permanently set up, it is considered real property. If you do not own the land but do own the mobile home you are required to purchase a sticker for your m
The deadline for filing a TPP return is April 1. After April 1, Florida Statues require that penalties be applied at 5% per month that the return is late. A maximum penalty of 25% is reached after the beginning of the fifth month. Additionally, Florida Statutes require a 15% penalty for property that is not reported. Back to Top | Back to FAQ’s 15. If I buy or sell an existing business during the year, who is responsible for the taxes? The owner of the equipment on January 1 is responsible for filing a TPP tax return. The person(s) responsible for paying taxes should be addressed at the time of closing. A search for outstanding or back TPP taxes should also be made. Taxes always follow the equipment. You should consult your realtor, attorney, or closing agent to avoid problems in this area. Back to Top | Back to FAQ’s 16. What is an office assessment? When a TPP tax return is not filed by April 1, we are required to place an assessment on the property. This assessment represents the ty
