Tangible Personal Property Tax is an ad valorem tax assessed against the furniture, fixtures and equipment located in businesses and rental property. Ad valorem is a Latin phrase meaning “according to worth”. Your rental property is considered business property and, as such, you must pay a separate tax on the value of your property furnishings. This tax is in addition to your annual Real Estate or Property Tax. The return is due by April 1st. Penalties are assessed monthly on the value of your property and can result in a 25% increased value being added to your personal property values.
Tax return filed annually to the Property Appraiser’s Office (in the County where the rental property is located), due by April 1st – late filing penalties effective after this date. Tax bills are mailed out on or before November 1st each year. Payment is due by March 31st with discounts available for early payment. A $25,000 exemption is available effective January 1st, 2008.
Tax returns must be filed to the Property Appraisers’ office by April 1st. Tax billing follows processing of the tax return by the County and is sent out on November 1st with payment due by March 31st of the following year. Discounts are usually available for early payment.
If you purchase a resale property you may receive a credit on your settlement statement for the period of the tax year that you did not own the property. The bill for the full year may subsequently be sent to you in November for payment in full.
We suggest that you file a final return for the year following the sale of your rental property in order for the County to remove your name from their records.
Tangible Personal Property Tax Exemption – $25,000
On January 29th, 2008 Florida voters overwhelmingly approved Amendment 1 to grant added tax relief to property owners. While many of the changes relating to homesteaded property (place of full time residence) do NOT affect non-resident owners of Florida property, the amendment now grants businesses (including short term and long term rental properties) and mobile home attachments a $25,000 exemption on Tangible Personal Property – effective January 1st 2008
In order to receive the new $25,000 exemption, a Tangible Personal Property Tax Return must be filed for each and every property that you own, by April 1st. Whilst your TOTAL Tangible Personal Property remains less than $25,000 you do not need to file again.
Please note: the information and filing deadlines provided are specific to the State of Florida. Please contact our office for information relating to the State where your property is located.
