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Table of Contents:
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What Is Tangible Personal Property?
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.
Any attachments made to manufactured
homes including skirting in rental parks are also assessed as tangible personal
property. The manufactured home may also be considered tangible personal
property if it does not have a current decal indicating payment of the vehicle
registration fee. A tangible personal property return is required to be filed for these properties.
Any property owner, firm
or corporation owning tangible personal property is required to file a tangible
personal property tax return with the Property Appraiser's Office. The
Property Appraiser also requires that all personal property used be shown on the
return, even if someone owns it other than the business. This information
should be provided in the leased, loaned, and rented equipment section
of the tangible personal property tax return. All tangible personal property must be reported on or
before April 1st each and every year to avoid penalties. In the
absence of a return, an estimate must be made.
Why
do I have to file?
Section 193.052, Florida
Statues, requires that all tangible personal property be reported each year to
the Property Appraiser's Office. If you receive a return by mail, it is because
our office has determined that you have property to report. If you think the
form is not applicable, please return it with an explanation. Either way, the
form MUST be returned. Failure to receive a Personal Property Tax Return (Form
DR-405) does not relieve you of your obligation to file.
How do I obtain this form?
In addition to being
available at our offices and on our website, a return is mailed to
tangible personal property owners of record at the beginning of each year. If you do not receive one, contact
the Property Appraiser's Office.
All returns must be sent
back. If you have more than one location, the assets of each should be listed
separately on each return.
What if I
have no assets to report?
Even if you think you have
nothing to report, fill out items 1 through 9 on the return, attach an
explanation about why nothing was reported and file it with the Property
Appraiser's Office.
Almost all businesses and
rental units have some assets to report even if it is only supplies, rented
equipment or household goods.
Do I
still have to file if I'm no longer in business?
Yes. If you were in
business on January 1 of the tax year, follow these steps:
On your return, indicate
the date you went out of business and the manner in which you disposed of your
business assets. Remember, if you still have the assets, you must file on these
items.
Sign and date the return.
Mail the return to this office.
What if I
have old equipment that has been fully depreciated and written off the books?
Whether fully depreciated
in your accounting records or not, all property still in use or in your
possession should be reported.
Do I have to
report assets that I lease, loan, rent, borrow or are provided as part of the
rent?
Yes. There is an area on
the return specifically for those assets. Even though the assets are
assessed to the owner, they must be listed for informational purposes.
No.
There is no minimum value. A personal property tax return must be filed on all
assets by April 1. However, if the resulting property taxes amount to less than
$5.00, you will not receive a tax bill.
Section 193.072, Florida Statutes provides for the following penalties for failing to
file, or improper or late filing of a tangible personal property return:
Failure To File: 25% Penalty
Filing after due date: 5% per month late, up to 25%
Failing to properly file: 15% of corrected value
This failure to file a return or to
otherwise properly submit the tangible personal property for taxation does
not relieve the taxpayer of any requirement to pay all tax
assessed against the tangible personal property.
Can I get an extension to file
my Tangible Personal Property Tax Return?
Yes, Section 193.063, Florida Statutes, provides for an extension of the date for filing
tangible personal property tax returns. The property appraiser shall grant a 30-day extension
for the filing of tangible personal property tax returns and may, at her or his discretion,
grant an additional 15-day extension for the filing of tangible personal property tax returns.
A request for extension must be made in time for the property appraiser to consider the request
and act on it before the regular due date of the return. However, a property appraiser
may not require that a request for extension be made more than 10 days before the due date of
the return. A request for extension, at the option of the property appraiser, shall include any
or all of the following: the name of the taxable entity, the tax identification number of the
taxable entity, and the reason a discretionary extension should be granted.
Please contact the Tangible Personal Property Department for current request information and format.
Contact information may be found at the end of the table of contents.
What is an office or
field review assessment?
When a tax return is not
filed by April 1, we are required to place an assessment on the property. This
assessment represents an estimate based upon the value of businesses with
similar equipment and assets. Being assessed does not alleviate you of your
responsibility to file an accurate return.
What if I do not agree with the assessed value that
appears on my notice of proposed property tax?
In mid-August, the owner
of record will receive a notice of proposed property tax covering tangible
personal property. If you disagree with our assessment, call this office or
come in and discuss the matter with us. If you have evidence that the appraised
value is more that the actual fair market value of your property, we will
welcome the opportunity to review all the pertinent facts. After talking with
us, if you still think the same, you may file a petition to have the matter
reviewed by the Value Adjustment Board.
Important Dates to Remember
January 1 - Date of
assessment. Personal property returns mailed.
January 1 to March 1
- Widow, widower and disability applications taken for tangible manufactured
home improvements (You must reside in the State of Florida as of January 1 of
the tax year to qualify.)
April 1 - Filing
deadline for personal property returns to avoid penalties
August - Notices of
proposed property tax mailed
September -
Deadline to file Value Adjustment Board petition
November - Tax
bills sent by Tax Collector
File the original return
furnished by this office (with name, account number and bar code preprinted) as
soon as possible before April 1. Be sure to sign and date your return.
Work with your accountant
or C.P.A. to identify any equipment that may have been "Physically Removed."
List those items in the appropriate space on your return.
If you have an asset
listing or depreciation schedule that identifies each piece of equipment, attach
it to the completed return.
Do not use vague terms
such as "various" or "same as last year".
It is to your advantage to
provide a breakdown of assets since depreciation on each item may vary.
Please include your
estimate of fair market value and the original cost of the item on your return.
These are important considerations in determining an accurate assessment.
Look for additional
information concerning filing within the instructional section of the return
itself.
If you sell your business,
go out of business, or move to a new location, please inform this office
promptly. This will enable us to keep timely, accurate records.
To inquire about tangible personal property tax, contact:
Brevard County Property
Appraiser
Tangible Personal Property Dept.
400 South Street, 5th Floor
Titusville, FL 32780
North Brevard - (321) 264-6703
Central or South Brevard
Toll Free:
633-2000 ext. 46703
Barefoot Bay/Micco Area
Toll Free 952-4700 ext: 46703
OR BY MAIL:
Tangible Personal Property
Dept.
P.O. Box 429
Titusville, FL 32781
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