Who Must File Florida Tangible Personal Property Tax Return? - CountyOffice.org

Summary

This video guides Florida business owners and property renters on how to file the state's tangible personal property tax return. If you own or lease tangible property on January 1st, you must file the DR-405 form by April 1st. This includes equipment, furniture, and other business assets. Even if the value is under $225,000, filing is essential for potential tax exemptions. Late or missing filings can incur hefty penalties. The video also introduces CountyOffice.org, a free platform where users can access millions of property records for research and insights.

Takeaways

• 😀 If you own tangible personal property in Florida, you must file a tax return by April 1st each year.
• 😀 Tangible personal property includes equipment, furniture, fixtures, and any items used in a business or rental property.
• 😀 Business owners, self-employed agents, contractors, and those renting out properties are required to file the return.
• 😀 The form used for the return is called the DR-405 and must be submitted to your local Property Appraiser's office.
• 😀 Even if the total value of your property is less than $225,000, you must still file to be eligible for a $25,000 exemption.
• 😀 Failure to file or filing late results in penalties: 25% of the tax owed per year for non-filing, or 5% per month for late filings.
• 😀 The return covers all property used in the business or rental properties, including structural additions to mobile homes.
• 😀 Business owners, such as restaurant owners, must report all their business equipment, furniture, and fixtures.
• 😀 Rental property owners need to report any furnishings or equipment provided to tenants as part of the return.
• 😀 To avoid penalties and save on taxes, file your DR-405 form by April 1st and keep your local Property Appraiser's office updated on any changes.

Q & A

Who is required to file a Florida tangible personal property tax return?

Any business owner, self-employed agent or contractor, or anyone who rents out tangible personal property in Florida must file this return if they own tangible personal property on January 1st of each year.

What types of property are considered tangible personal property for tax purposes?

Tangible personal property includes any physical items that are used in business operations or rental properties, such as furniture, fixtures, equipment, and even structural additions to mobile homes.

What is the deadline for submitting the tangible personal property tax return (Form DR-405)?

The Form DR-405 must be submitted to the local Property Appraiser's office by April 1st of each year.

What happens if I fail to file the Florida tangible personal property tax return?

If you fail to file, you'll incur a penalty of 25% of the total tax levied for each year you don't file. Late filings incur a 5% penalty each month or part of a month, up to a maximum of 25%.

Can I avoid penalties if my tangible personal property value is less than $225,000?

Yes, you still need to file the return, but you may qualify for a $25,000 exemption, which can reduce your tax liability significantly.

What kind of property can be exempt from the tangible personal property tax?

Vehicles and inventory for sale are exempt from the tangible personal property tax, meaning they are not included in the DR-405 form.

Do I need to report any changes in my business or property status?

Yes, you must notify the Property Appraiser’s office if there are any changes to your property or business status throughout the year.

Is there any benefit to filing the tax return even if my total property value is below $225,000?

Yes, filing the return is necessary to qualify for the $25,000 exemption, which can lower your tax burden, even if your property value is less than $225,000.

What is CountyOffice.org, and how can it help me?

CountyOffice.org allows you to access over 150 million property records for free, including owner names, mortgage details, and sale prices, helping you learn more about properties in your neighborhood.

What should I include on the DR-405 form?

You should list all tangible personal property you own and use in your business, including furniture, equipment, fixtures, and any other property of value, except for vehicles and inventory for sale.