TANGIBLE PERSONAL PROPERTY


Tangible personal property is everything other than real estate that is used in a business 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 a contractor, must file a tangible personal property return by April 1 each year. Property owners who lease, lend, or rent property must also file.

At the beginning of each year, a tangible personal property tax return is mailed 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 levied on late returns.

Tangible personal property returns filed after April 1 carry a penalty of 5 percent per month (up to 25 percent).

Click here to access the Tangible Personal Property tax return form and instructions.

Based on the value of your tangible personal property last year, you may not be required to file a Tangible Personal Property Return for 2016 if:

  • You received a waiver from our office and
  • the value of your property remains at $25,000 or less on January 1st each year

However, you must file a 2017 Tangible Personal Property Return if:

  • The value of your property was/is more than $25,000 for the previous tax roll or in any upcoming year OR
  • You are a new business to Seminole County and it is your initial filing

The filing deadline is April 3, 2017.

A 30-day extension to file a return may be requested. Extension requests must be received by March 31, 2017.
Click here to access the Request for Extension form.

If you were required to file a return in the previous year but did not, you may have to pay a penalty of 25% of the total tax levied against the property for each year that you did not file, calculated without benefit of the exemption. If you claim more exemptions than allowed, the penalty is the taxes exempted because of the wrongful claim plus 15% interest each year and a penalty of 50% of the taxes exempted. See section 196.183, Florida Statutes.

In 2008, the taxpayers of Florida approved Amendment 1; this included a $25,000 Exemption for Tangible Personal Property. Accordingly, the legislature established a filing requirement of a Tangible Personal Property Return for exemption eligibility.

When must I file my return to receive the $25,000 Tangible Personal Property exemption?
The return must be filed by April 1st - of the tax year in order to receive the exemption (or within the applicable application deadline extension period).

What if I don’t file a return?
Failure to file a return constitutes a failure to apply for the exemption.

If I have multiple locations for my business, am I required to file separately?
Yes, a return must be filed for each location within the county where the owner transacts business. Freestanding property placed at multiple sites, other than where the owner transacts business, must have a single return filed and will receive one $25,000 exemption (examples: vending and amusement machines, LP/propane tanks, utility and cable company property, billboards, and leased equipment.)

Does this exemption apply to mobile homes that are assessed as Tangible Personal Property?
This new exemption does not apply to mobile homes assessed as Tangible Personal Property.

Will I be required in future years to file?
Only if in subsequent years the taxable value on the Tangible Personal Property exceeds the $25,000 exemption, then the property owner would be required to file a return.