WHAT IS TANGIBLE PERSONAL PROPERTY?
Tangible personal property is everything used in a business other than inventory and items of real estate. Known also as business personal property, it includes machinery, equipment, furniture, fixtures, signs, window air conditioners, supplies and leased equipment, mobile home attachments (cabanas, carports, etc.) on rented land and furnishings in rental units. Who is required to file a tangible personal property tax return with the Martin County Property Appraiser? 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 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 wi
Tangible Personal Property refers to all assets used in a business or rental activity that are subject to an ad valorem assessment. A recent law change in Florida will exclude the first $25,000 of property 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
Business owners primarily owe tangible personal property tax. Equipment and other items that are used in businesses but are not considered in the assessed value of the business’ real property are taxed as tangible personal property. For a business, this may include office furniture, computers, tools, supplies, machines and leasehold improvements. Inventory that is for sale as part of a business is not taxed. Homestead property and household goods and items are exempt from this tax.
Tangible personal property is everything other than real estate that is used in a business or to produce income and that has value by itself. It includes such depreciating assets as furniture, fixtures, tools, machinery, household appliances, signs, equipment, leasehold improvements, supplies, and leased equipment. Anyone owning tangible personal property on January 1, who has either a proprietorship, partnership, corporation or is a self-employed agent or contractor, must file a tangible personal property return by April 1 each year. Property owners who lease, lend or rent property must also file. A tangible personal property tax return is mailed by February 15 of each year to all property owners who filed a return the previous year, applied for an occupational license, started or purchased a business. Failure to receive a return does not excuse a person from filing or the penalties on late returns.
