Tangible Personal Property (TPP)
What is “tangible personal property”?
Tangible personal property is everything other than real estate that is used in a business or rental property. Examples of tangible personal property are computers, furniture, tools, machinery, signs, equipment, leasehold improvements, supplies, and leased equipment. Tangible personal property is subject to taxation at the same rate as Real Property after consideration of exemption value.
Who must file a personal property 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 our office has determined that you may have property to report. If you feel the form is not applicable, return it with an explanation. Either way, the form must be returned. Failure to receive a Tangible Personal Property Tax Return does not relieve you of your responsibilities to file.
Anyone owning Tangible personal property on January 1 must file a tax return by April 1 each year. Every NEW business owning tangible personal property on January 1 must file an initial tax return. A TPP return must be filed on all equipment used to operate your business. Taxpayers who file their CC-405 TPP returns by the April 1 deadline will receive an exemption on the first $25,000 of assessed value. Filing a return after the April 1 deadline will result in penalties.
Even those who may not think they have assets to report probably do – for example, supplies, rented equipment, items provided to renters or personally owned items used in business.
Taxpayers who lease, lend or rent property must also file a return.
Filing late or failing to file a CC-405 TPP return may result in filing penalties and loss of the $25,000 exemption.
What if I have several business locations in Citrus County do I get the exemption on each locations?
YES. You must timely file a TPP return for each location where you have employees to transact business. The exemption is applied to each of them.
What if I went out of business PRIOR to January 1. Should I still file a return?
YES. On the return, indicate the date you went out of business. Let us know if you sold or transferred the business to someone else who is operating at the same location or a different location. If you closed the business, did you sell, scrap, or abandon some or all of the assets? Any assets that you retained which were not converted to personal use should be reported.
What if I went out of business AFTER January 1. Should I still file a return?
YES, since you were still in business on January 1, you are required to file a tangible personal property tax return. On the return indicate the date you went out of business. Let us know if you sold or transferred the business to someone else who is operating it at the same location or a different location. If you closed the business, did you sell, scrap, or abandon some or all of the assets. Any assets that you retain which are not converted to personal use should be reported next year.
What if I have OLD equipment that has been fully depreciated and written off the books?
Whether fully depreciated in your accounting records or not, all property still in use or in your possession should be reported.
For More Information About Tangible Personal Property, Please Contact:
Citrus County Property Appraiser
Tangible Personal Property Department
210 N. Apopka Ave., Suite 200
Inverness, FL 34450
(352) 341-6648 (office)
(352) 564-7159 (fax)
Directions - MAP
Office hours are Monday through Friday
8:30 AM to 4:00 PM