WHAT IS TANGIBLE PERSONAL PROPERTY?
Tangible Personal Property refers to all assets used in a business or rental activity that are subject to an ad valorem assessment. More specifically, it is furniture, fixtures, tools, machinery, household appliances, equipment, signs, leasehold improvements, supplies, and leased equipment — whatever is used to generate income. Florida Statute 193.052 requires that all tangible personal property be reported each year to the Property Appraisers Office. Anyone in possession of assets on January 1 who has either a proprietorship, corporation or is a self-employed agent or contractor, must file each year. Property owners who lease, loan or rent property must also file. The deadline for filing a timely return is April 1 of each year. For untimely filings, Florida Statutes provide guidelines for the penalties that may be applied: 5% for each month the return is filed late, 15% for unreported property and a 25% penalty if no return is filed. Further information regarding Tangible Personal Pr
The Property Appraiser is required by law to determine how your mobile home aka manufactured home will be classified for property tax purposes. That classification is based upon whether or not it is located on land owned by the mobile home owner or on land own by another ie. a mobile home park. A mobile home permanently affixed to a land owned by the home’s owner must have a one-time Real Property (RP) series sticker affixed to the home. In cases where the land is not owned by the home owner, an annual Mobile Home (MH) series sticker is required. IN the event that no sticker is affixed to the mobile home, it is presumed that the mobile home is tangible personal property and will be assessed as such. Any mobile home or its attachments classified as tangible personal property are appraised for assessment purposes on January 1 using standard appraisal practices. An appraiser will visit the site, measure the home and its attachments, and assign a square foot rate for each type of attachmen
Tangible Personal Property includes any equipment, furniture, fixtures, tools, signs, machinery or supplies used in a business or for a commercial purpose, other than inventory, real estate and most licensed vehicles. Exceptions to the licensed vehicle category that are taxable include equipment mounted on licensed vehicles or vehicles that have a primary use as a tool rather than as a hauling device. Examples include items such as rubber-tired cranes, tree spades, cooking and cooling equipment on ice cream trucks and snack wagons, well drilling equipment, and carpet cleaning equipment. Furnishings and appliances [stoves and dishwashers (including built-ins), drapes, blinds, ceiling fans, window air conditioners, etc.] in a rental property, owned by the real property owner are also subject to the tangible personal property assessment. Tenant owned items are not assessed to the real property owner.
Tangible Personal Property is everything other than real estate. It includes furniture, fixtures, tools, machinery, household appliances, signs, equipment, leasehold improvements, supplies, leased equipment and any other equipment used in a business or to earn an income. In 2007, there were some 11,230 personal property accounts with a just value of $1,111,679,547.. Who must file? Anyone in possession of assets on January 1 who has a proprietorship, partnership, corporation or is a self-employed agent or contractor, must file each year. Property owners who lease, lend or rent property must also file. 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.
