WHAT IS TANGIBLE PERSONAL PROPERTY?
Tangible Personal Property is everything other than real estate. It includes furniture, fixtures, tools, machinery, signs, equipment, leasehold improvements, supplies, leased equipment and any other equipment used in a business or to earn an income. WHO MUST FILE? Anyone in possession of assets on January 1 who has either a proprietorship, partnership, corporation or is a self-employed agent or contractor must file each year. Property owners receiving a Greenbelt classification and any one who leases, loans or rents property must also file. WHEN MUST I FILE A RETURN? All Tangible Personal Property Tax Returns must be filed by April 1 each year in order to avoid penalties. WHY MUST I FILE A RETURN? Florida Statute 193.052 requires that all tangible personal property be reported each year to the Property Appraiser’s Office. If you receive a return, it is because the Property Appraiser’s Office has determined that you may have property to report.
Download Tangible Personal Property FAQ Brochure [Photo] Tangible personal property is everything other than real estate that is used in a business to produce income and that has value by itself. It includes such depreciating assets as furniture, fixtures, tools, machinery, household appliances, signs, equipment, leasehold improvements, supplies, and leased equipment. Anyone owning tangible personal property on January 1, who has either a proprietorship, partnership, corporation, or is a self-employed agent or a contractor, must file a tangible personal property return by April 1 each year. Property owners who lease, lend, or rent property must also file. At the beginning of each year, a tangible personal property tax return is mailed to all property owners who filed a return the previous year, applied for an occupational license, started or purchased a business. Failure to receive a return does not excuse a person from filing or the penalties levied on late returns.
Simply put, Tangible Personal Property refers to ALL assets used in a business or rental activity that are subject to an Ad Valorem assessment. More specifically, it is furniture, fixtures, tools, machinery, household appliances, equipment, signs, computers, leased equipment, leasehold improvements, and supplies – whatever is used to generate income for the business or rental.
In IRS Publication 526, Charitable Contributions, tangible personal property is defined as “any property, other than land or buildings, that can be seen or touched.” Examples of tangible personal property include furniture, books, jewelry, and artwork. What is a fractional interest in tangible personal property? While many donors will contribute property outright, occasionally a donor will want to contribute property but retain some rights to the property. A fractional interest is a portion of the donor’s entire rights to the property. For example, a donor may contribute a 25% interest in a painting or coin collection to a museum, giving the museum the right to possess and control the item for three months of each year. Is a donor permitted to receive a deduction for contribution of a fractional interest in property if the donor doesn’t own all of the interest in the property? No, unless an exception is made by the Treasury Secretary.
Tangible Personal Property refers to all assets used in a business or rental activity that are subject to an ad valorem assessment. More specifically, it is furniture, fixtures, tools, machinery, household appliances, equipment, signs, leasehold improvements, supplies, leased equipment — whatever is used to generate income. Florida Statute 193.052 requires that all tangible personal property be reported each year to the Property Appraiser’s Office. Anyone in possession of assets on January 1 who has either a proprietorship, corporation or is a self-employed agent or contractor, must file each year. Property owners who lease, loan or rent property must also file. The deadline for filing a timely return is April 1 of each year. For untimely filings, Florida Statutes provide guidelines for the penalties that may be applied: 5% for each month the return is filed late, 15% for unreported property and a 25% penalty if no return is filed.
