Our Personal Property Appraisal and Analysis Department determines the fair market value of tangible property used in a business for ad valorem tax purposes.
Examples of tangible personal property used in a business are furniture, fixtures, machinery, equipment, appliances, tools, signs, supplies and leased equiment. In 2007, there were 61,868 tangible personal property accounts in Palm Beach County
Tangible Personal Property ownership is based on January 1. Changes after January 1 will be reflected in the next year's data. Value and exemption data are updated three times a year in August, October and December.
Q. How do I declare the equipment used in my business?
A. You must complete Form DR-405 and return it to our office by April 1. Please mail the completed form to Property Appraiser's Office, Personal Property, 5th floor, 301 N. Olive Ave., West Palm Beach, FL 33401. Click here to download Form DR 405.
Q. What if my business equipment is leased?
A. You need to list all leased, loaned or rented equipment used in your business, and provide the name and address of the lessor in the appropiate section on the Form DR-405.
Q. Do I file a return if the value of my business equipment is less than $25,000?
A. Under Amendment One, which is effective January 1, 2008, the first $25,000 in value is exempt from taxation. If your assets are valued at $25,000 or less, you need only file an initial return by April 1. Thereafter, you do not need to file an annual return unless the value of your business assets increase beyond $25,000. A completed tangible personal property return will serve as an application for exemption.Click here to download Form DR 405. Please mail the completed form to Property Appraiser's Office, Personal Property, 5th floor, 301 N. Olive Ave., West Palm Beach, FL 33401.
Q. What can I do if I disagree with my assessment?
A. Please feel free to call our office at ( 561) 355-2896 to discuss your assessment.
Q. How does an organization receive an Institutional Personal Property Tax Exemption?
A. Qualified organizations that own and use their personal property for exempt purposes must file Form DR-504, Ad Valorem Tax Exemption Application and Return, by March 1 each year. Click here to download Form DR- 504
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