Available In All Florida Counties
Taxscribe transforms tax management for business owners and CPAs in Florida, streamlining the shift from paper forms to efficient online filing. Offering advanced user management, easy data import, intuitive form completion, smooth submission processes, and comprehensive analytics, Taxscribe makes tax filing easier. It ensures businesses of every scale effortlessly navigate Florida’s tax compliance requirements.
Available Forms:
- - Tangible Personal Property Tax Return DR-405
What is Tangible Personal Property?
In Florida, Tangible Personal Property (TPP) is all goods, property other than real estate, and other articles of value that the owner can physically possess and has intrinsic value. Inventory, household goods, and some vehicular items are excluded.
In Florida, Tangible Personal Property (TPP) is all goods, property other than real estate, and other articles of value that the owner can physically possess and has intrinsic value. Inventory, household goods, and some vehicular items are excluded.
Who should file a Tangible Personal Property tax return?
Anyone who owns Tangible Personal Property on January 1 and who has a proprietorship, partnership, or corporation, or is a self-employed agent or a contractor, must file a tangible personal property return to the property appraiser. Property owners who lease, lend, or rent property must also file.
Anyone who owns Tangible Personal Property on January 1 and who has a proprietorship, partnership, or corporation, or is a self-employed agent or a contractor, must file a tangible personal property return to the property appraiser. Property owners who lease, lend, or rent property must also file.
When you should file:
Tangible personal property tax filing in Florida must be filed with your property appraiser by April 1st of each year. If you fail to file or submit a late TPP return, you will be subject to penalties.
Tangible personal property tax filing in Florida must be filed with your property appraiser by April 1st of each year. If you fail to file or submit a late TPP return, you will be subject to penalties.
Exemption:
If you file your TPP return by April 1st, you will be eligible for a property tax exemption of up to $25,000 of assessed value.
If you file your TPP return by April 1st, you will be eligible for a property tax exemption of up to $25,000 of assessed value.
Important Notes:
- DR-405 is the Tangible Personal Property Tax Return Form in Florida.
- If you own TPP at or below $25,000 in assessed value and file an initial return, you may qualify for the filing waiver. The waiver applies in all subsequent years that the property value stays at or below $25,000.
- Failure to file will result in a penalty of 25 percent of the total tax levied against the property for each year that you do not file a return
- Filing late will result in a penalty of 5 percent of the total tax levied against the property covered by that return for each year, each month, and part of a month that a return is late, but not more than 25 percent of the total tax.
- Failure to list all TPP on the return will result in a penalty of 15 percent of the tax attributable to the omitted property.
- All questions should be directed to your local property appraiser’s office.
- DR-405 is the Tangible Personal Property Tax Return Form in Florida.
- If you own TPP at or below $25,000 in assessed value and file an initial return, you may qualify for the filing waiver. The waiver applies in all subsequent years that the property value stays at or below $25,000.
- Failure to file will result in a penalty of 25 percent of the total tax levied against the property for each year that you do not file a return
- Filing late will result in a penalty of 5 percent of the total tax levied against the property covered by that return for each year, each month, and part of a month that a return is late, but not more than 25 percent of the total tax.
- Failure to list all TPP on the return will result in a penalty of 15 percent of the tax attributable to the omitted property.
- All questions should be directed to your local property appraiser’s office.
Ready to Get Started?
The easiest way to appreciate all that Taxscribe provides is to see it in action!
Get Started
The easiest way to understand and appreciate all that Taxscribe provides is to see it in action. Schedule your demo now.