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What is Tangible Personal Property?
Simply put, Tangible Personal Property (TPP) is all goods, property other than real estate, and other articles of
value that the owner can physically possess and that has intrinsic value. Inventory, household goods, and some vehicular
items are excluded.
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Why must I file a return?
Florida Statute 193.052
requires that anyone who has a proprietorship, partnership, or corporation; is a self-employed agent or contractor; or leases, lends, or rents property on January 1 must file a
DR-405
TPP return with the property appraiser by April 1 each year.
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How can I obtain this form?
The DR-405 together with other important forms are provided
on the Tangible Personal Property Main Page. For rental properties you may file online through the option on the home page or under Taxpayer Services.
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Is there a deadline or penalties?
Deadline for filing a timely return is April 1 of each
taxing year. Florida Statute 193.072 provides the guidelines for the penalties
that may be applied: 5% for each month the return is
filed late up to a maximum 25% penalty. There is a
15% penalty for unreported property. If no return is
filed, a 25% penalty will be assessed and the
$25,000 exemption is not applicable.
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What if my assets have been fully depreciated, written off
the books, personally owned, old, or purchased second hand?
Whether fully depreciated or expensed in your accounting records, all property
still on site, whether or not in use, must be reported on your return.
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What if I have no assets to report?
All businesses and rental units have some assets to report, even if it is only a
phone, supplies, a sign, leased equipment, tools, or household items.
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If I am no longer in business or no longer renting my unit,
should I still file a return?
A final return should be accompanied with a Disposition of Assets
Form. All correspondence can be emailed to tpp@leepa.org. You may also contact the Tangible Department at (239) 533-6140
with any questions.
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Do I have to report assets that I lease, loan, rent,
borrow, or are provided in the rental agreement?
Yes, on Page 2 of the DR-405, second section, you report the name and address of the owner or lessor,
description, year acquired, rent, and retail installed cost.
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If I buy or sell an existing business during the year, who is responsible for the taxes?
Under Florida Statute 197.412, the owner of the property on the date the taxes become due is responsible.
However, some title companies do not perform a title search on the tangible assets of a business. Therefore,
we suggest you consult your realtor, attorney, closing agent, or title company to avoid any problems in this area.
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What if I don’t have enough value to report?
You must file with this office before April 1 of the taxing year regardless of
the value you report. However, the Tax Collector's Office may then determine
that no tax liability exists.
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Is my manufactured home considered real property or tangible personal property?
If you own both the land and the manufactured home it is considered Real Property.
If you do not own the land, but do own the manufactured home and added improvements such
as a carport, screen porch, or air conditioner, it is Tangible Personal Property.
Under Amendment 1 of the Florida Constitution, Lee County is exempting your improvements if their value is under $25,000.
However, you must buy an annual mobile home registration sticker for the manufactured home
from the Tax Collector’s Office.
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What is an Office Assessment?
Florida Statute 193.073(2) authorizes the Property Appraiser to assess any business that does not file with an average value
based on similar businesses. These averages are determined from businesses within Lee County by
NAICS (North American Industry Classification System) code. However, being “office assessed” does not alleviate your responsibility to file an accurate return.
To ensure the proper reporting and valuation of your assets, and thus an accurate tax bill, you must file a timely return annually.
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What if I have more than one location?
If you have more than one location you have to file a separate return for each location.
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If I rent my furnished home or condo for a few months, do I
have to file a tangible personal property tax return?
Yes, since rental activity is of an income-producing nature, you must file a return which lists your personal property.
Items that should be listed include: appliances, beds, draperies, lamps, ceiling fans, equipment, and any other furniture
or furnishings included in the rental unit. This form can be electronically filed on our website.
Tangible Rental Online Filing
or file a TPP Rental Return.
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What if I don’t agree with the assessed value that appears
on the Notice of Proposed Property Taxes that I receive in mid-August?
First, we would like you to contact or visit our office to discuss your assessment. You can submit any documents or
pertinent facts for our review. If you believe your concern is unresolved, you may file a Value Adjustment Board petition
with the Minutes Department of the Clerk of Courts for a $15.00 filing fee. These forms are available at the Property Appraiser’s
Office, Clerk of Courts, or on our website.
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If my business or rental value is under $25,000, do I have to file?
Yes, in order to receive the exemption, a timely return must be filed the first year you are eligible.
However, after your
initial filing, you will not be required to file again until you acquire additional assets that bring your total
assessed value to more than $25,000.
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