Tangible Personal Property includes any equipment, furniture, fixtures, tools, signs, machinery, leasehold improvements 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.
If your business is operational on or before January 1 of the current year, you will need to complete the
Tangible Personal Property New Business Registration form .
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 unless returns have been filed in prior years and the Just/Market Value of the Tangible Personal Property is $25,000 or less.The return serves as your application for the exemption. If the Just/Market Value of your Tangible Personal Property is $25,000 or less, you will not be required to file a return in future years unless the value exceeds that amount. If there are newly purchased assets, which cause the total value to exceed $25,000, then a new return will have to be filed.
It is every business owners obligation to file a Tangible Personal Property return each year per Florida Statute 193.052 .
To qualify and obtain the $25,000 Tangible Personal Property Tax Exemption a
DR-405 return must be filed and sent to the Property Appraiser’s Office. If the
Assessed Value is determined to be less than $25,000, you will not be required
to file a return in subsequent years unless newly purchased assets cause the
total value to exceed $25,000. If that happens, then you will need to file a new
return. However, new businesses are required to file in order to qualify.
Whether fully depreciated in your accounting records or not, all property still in use or in your possession must be reported. Additionally, all assets expensed under Section 179 of the Internal Revenue Service Code must be listed and reported on your DR-405.
Yes. There is a section on the return specifically for those assets. Even though
the assets are assessed to the owner, they must be listed for informational
purposes to avoid duplication.
The tax bill is between the buyer and the seller. Whoever is in possession of the equipment is liable for all taxes. If there are any delinquent taxes, a lien will be placed on the equipment. Upon closing, please provide a bill of sale with a list of assets (Schedule A) to the Property Appraiser's Office so our tax roll reflects the new owner. Therefore, be sure to consult your realtor, attorney or closing agent to avoid problems.
If you were in business on January 1 of the current tax year, you will need to file a "FINAL" return. If your business was closed prior to January 1, complete the
Tangible Personal Property Account Status Change Form.
If you need to complete a Tangible Personal Property Address Change please complete the
Change Of Address Form .
If you feel that the Market Value appearing on your TRIM notice is incorrect, or you have an issue with Tangible Personal Property, you should contact the Property Appraiser's Office to speak with a representative at (352) 754-4190.
It is the duty of the Property Appraiser to determine fair, accurate and equitable assessments for all property owners in Hernando County. If you have evidence that the Market Value of your property is less than what we have estimated, we welcome the opportunity to review all the relevant data.
If, after an informal review of your property with an appraiser, you still feel that the value is incorrect, you may file a petition to appear before the Value Adjustment Board (VAB). Petitions are available at either of
our offices or on
our forms page.
Petitions must be filed with the
Clerk of the Value Adjustment Board . Filing instructions are attached to each petition. Please note there is a non-refundable filing fee of $15.00. For petitions with multiple parcels, an additional $5.00 fee shall be charged for each added parcel included on the petition.
The last date in which to file a Value Adjustment Board (VAB) petition is highlighted in blue at the bottom of your TRIM Notice.
To contact the Tangible Department please call (352) 754-4190 Press #6 or email us at
patpp@hernandocounty.us
