WHAT IS TANGIBLE PERSONAL PROPERTY?
Tangible personal property is everything other than real estate that has value by itself. It would include things such as furniture, fixtures, tools, machinery, household appliances, signs, equipment, leasehold improvements, supplies, leased equipment and any other equipment used in a business or to earn income.
Tangible Personal Property (TPP) is everything other than real estate that has value by itself, and is being used for business or income producing purposes. It would include items such as furniture, fixtures, tools, machine leasehold improvements, supplies, leased equipment and any other equipment used in a business or to earn income.
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, 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 Appraiser’s 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.
