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Tangible Personal Property Information

 

Our Tangible Personal Property Department determines the fair market value of assets used in a business, such as furniture, fixtures, supplies, machinery, or medical equipment . Florida allows an exemption up to $25,000 in value for tangible assets.

A Tangible Personal Property Tax Return, DR-405 Adobe PDF Document, is required each year that the value of your business assets exceeds $25,000 on January 1. You must file an initial tax return, DR-405 Adobe PDF Document, to receive the $25,000 exemption. Thereafter, you need not file an annual return unless the value of your assets exceeds $25,000 on January 1. If your business has more than one location, please file DR-405 Adobe PDF Document for each location in Palm Beach County.

Tangible personal property returns (DR 405) must be filed no later than April 1, 2014, unless an extension has been requested prior to that date. To request an extension (between January 1, 2014 and 5 p.m. March 31, 2014) do a “tangible search” on your account and click the “request a filing extension” link.

For any tangible personal property return (DR 405) received after May 15, 2014 (the absolute statutory deadline prescribed by Florida Statutes 193.063), that account will be subject to late filing penalties of 5% per month up to a maximum of 25% as prescribed by Section 193.072 Florida Statutes. Additionally, the account may not receive the exemption from ad valorem taxation (up to a maximum amount of $25,000 per Florida Statutes 196.183), which is available to all accounts that file on time.

If you do not file on time, Florida Law provides for the loss of the $25,000 exemption (page 3 of instructions to Form DR-405 Adobe PDF Document).

To help you determine an asset’s fair market value, see the following charts:

The deadline to file DR-405 Adobe PDF Document is April 1. Please mail your completed form to the Property Appraiser’s Office, Tangible Personal Property, 301 N. Olive Ave., 5th Floor, West Palm Beach, FL 33401.

For more information, call us at (561) 355-2896 or contact us at mytpp@pbcgov.org