Tangible personal property tax is an ad valorem tax assessed against the furniture, fixtures, and equipment located in businesses and rental property. It also applies to structural additions to mobile homes not assessed as Real Property and rental furnishings provided in a rental property. For more information on the assessment of tangible personal property taxes please contact the Property Appraiser’s office at 904-491-7300 or visit their website: Property Appraiser's Website.
In 2008, Amendment 1 was enacted, creating a $25,000 Tangible Personal Property Exemption. All Tangible Personal Property accounts are eligible to receive up to a $25,000 exemption if a Tangible Personal Property return (DR-405) has been timely filed with the Property Appraiser. All new businesses are required to file this return in order to receive the exemption.
TPP taxes are assessed as of January 1st of the current tax year. Similar to real estate taxes, the TPP tax is due on November 1st or when the Property Appraiser certifies the tax roll to the Tax Collector, and become delinquent on April 1st of the year following assessment. Per Florida Statute 197.413, the Tax Collector shall prepare warrants against the delinquent taxpayers providing for the levy upon and seizure of tangible personal property. If the taxes remain unpaid and the sale of the tangible personal property is not sufficient to pay the delinquent taxes, or the property is no longer located in the county, the Tax Collector may also seize and sell all other personal property of the taxpayer located in the county to satisfy the unpaid taxes.
Business closings should be reported to the Property Appraiser’s office. If your business was open as of January 1st or at any time during the tax year, taxes will be due for that year. Existing businesses sold during the year present potential issues for both the buyer and the seller if proper research is not performed prior to closing. Some title companies do not include the tangible assets of a business in the title search. Be sure to ask your realtor, attorney, or closing agent to verify this has been done.
The Tax Warrant issued for unpaid TPP taxes is against the January 1st owner of the business, but this Warrant survives the sale or transfer of the property and may be seized from the new owner to satisfy the unpaid delinquent taxes.
If you are having difficulty paying your tangible personal property taxes, please contact our Delinquent Tax Department at 904-491-7420.
