What is Tangible Personal Property (TPP)?
Tangible Personal Property is everything that is not real estate (land, buildings and improvements). It includes furniture, fixtures, tools, computer equipment, machinery, office equipment, supplies, leasehold improvements, leased equipment, signage, and any other equipment used in a business. Furniture and fixtures used in a rental unit (condo, apt, house) are taxable. *Who Must File a Return? Businesses: Any business owner or self-employed contractor owning tangible personal property on January 1 st must file a return each year as required by Florida Statutes 193.052 and 193.062. Property owners that loan, lease or rent tangible property to others must also report such property. Mobile Home Owners: Owners of mobile homes located on leased land must report attachments such as garages, porches, patios, storage sheds, etc. in the first year of ownership.
According to Section 192.001, Florida Statutes, “tangible personal property” means all goods, chattels, and other articles of value capable of manual possession and whose chief value is intrinsic to the article itself. Inventory held for resale and household goods for the owner’s personal use are exempt from taxation. While real property is not subject to taxation as tangible personal property, many items such as signs, parking lot bumpers, exterior lighting, alarm systems and leasehold improvements are taxed as personal property. The comprehensive guidelines for the assessment of tangible personal property are determined by the Florida Legislature and are enforced by the Florida Department of Revenue (DOR). Click here to view the DOR Tangible Personal Property Appraisal Guidelines.
