< Back to Tax Talk

Tangible Personal Property Tax Returns Due

Businesses in Palm Beach County are required to annually file a Tangible Personal Property (TPP) Tax Return with the Property Appraiser’s Office by April 1. The return details the business' TPP assets (fixtures, furnishings, and equipment), their age and original cost, and estimated current value. This information helps the Property Appraiser best determine the fair market value of the tangible assets.

In January, voters approved an amendment which will allow an exemption on the first $25,000 of value for TPP assets. Businesses need to file an initial “base” return, even when the TPP is valued less than $25,000. After the initial return, the requirement to file an annual return is waived unless the value of the TPP exceeds $25,000.

The $25,000 personal property tax exemption does not apply to mobile homes classified as tangible personal property.