In 2008, the taxpayers of Florida approved an Amendment to the State Constitution; 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.