TANGIBLE PERSONAL PROPERTY (TPP)

Tangible personal property includes: furniture, fixtures, machinery, tools, and any other equipment used in a business or to earn an income.

Tangible personal property returns are mailed January 1 of each year. The return forms must be postmarked no later than April 1 to avoid penalties.

The penalties are 5% for each month or part thereof that they are received late up to a maximum of a 25% penalty. Extensions may be granted up to May 15. The extension requests must be received by April 1, and must state the reason for the request. The folio number, business name, and location of the business is required.

Tangible Personal Property Forms available for download

For help filling out the return forms or any other questions, contact our department at:

Hillsborough County Property Appraiser : (813) 272-6100

Fax number : (813) 276-8929

Frequently Asked Questions

WHAT IS TANGIBLE PERSONAL PROPERTY?
Tangible Personal Property is everything other than real estate. It includes furniture, fixtures, tools, machinery, signs, equipment, leasehold improvements, supplies, leased equipment and any other equipment used in a business or to earn an income.

WHO MUST FILE?
Anyone in possession of assets on January 1 who has either a proprietorship, partnership, corporation or is a self-employed agent or contractor must file each year. Property owners receiving a Greenbelt classification and any one who leases, loans or rents property must also file.

WHEN MUST I FILE A RETURN?
All Tangible Personal Property Tax Returns must be filed by April 1 each year in order to avoid penalties.

WHY MUST I FILE A 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 the Property Appraiser's 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. If you do not receive a Tangible Personal Property Return (DR-405), you are still required to submit a return if you have assets to report. Failure to receive a tangible return does not relieve you of your obligation to file.

HOW CAN I OBTAIN A TANGIBLE PERSONAL PROPERTY RETURN FORM?
If you do not receive a Tangible Return within the first two weeks of the year, you may download a form from our web site at hcpafl.org. Forms are also available at all of the Property Appraiser's locations.

WHAT IF I RECEIVE MORE THAN ONE TANGIBLE PERSONAL PROPERTY TAX RETURN?
All returns must be sent back. If you have more than one location, the assets of each location should be listed separately on each return. If you have only one location but were required to take out more than one occupational license, indicate on one return that all assets are reported on the other.

WHAT IF I HAVE NO ASSETS TO REPORT?
Even if you feel you have nothing to report, fill out items 1 through 9 on the Tangible Personal Property Tax Returns, attach an explanation about why nothing was reported and file it with the Property Appraiser's office.

IF I AM NO LONGER IN BUSINESS, SHOULD I STILL FILE THE RETURN?
Yes. If you are not in business on January 1, indicate on the Tangible Personal Property Tax Returns the date you closed the business and the manner in which you disposed of your business assets.

WHAT IF I BUY OR SELL AN EXISTING BUSINESS DURING THE YEAR, WHO IS RESPONSIBLE FOR THE TAXES?
The owner is responsible. Tangible taxes should be pro-rated at the time of transfer of ownership as are the taxes on real estate. Should the assessed owner not pay the taxes, the assessed property may be seized and sold to discharge the lien.

WHAT IF I HAVE OLD EQUIPMENT THAT HAS BEEN FULLY DEPRECIATED AND WRITTEN OFF THE BOOKS?
All property must be reported. IRS provides rapid depreciation which does not necessarily reflect market value.

DO I HAVE TO REPORT ASSETS THAT I LEASE, LOAN, RENT, BORROW OR ARE PROVIDED IN THE RENT?
Yes. There is a specific area on the Tangible Personal Property Tax Return form to list these assets. Normally, the lessee is not assessed for the assets. They are assessed to the owner. Be aware that most leasing companies will probably bill you for their tax liability separately. Consult your lease or contract for a determination.

IS THERE A MINIMUM VALUE THAT I DO NOT HAVE TO REPORT?
No. There is no minimum value. A Tangible Personal Property Tax Return must be filed on all assets. However, if the resulting property taxes amount to less than $15.00, you will not receive a tax bill.

WHAT IF MY EQUIPMENT IS IN POOR CONDITION?
You should provide additional documentation for the poor condition of the equipment. You may also request a site inspection from our office.

WHAT IF I SOLD SOME EQUIPMENT LAST YEAR, DO I STILL HAVE TO REPORT IT?
Yes. There is a specific section on the return to list assets that are no longer in your possession and have been "Physically Removed" either by being traded in, stolen or sold. This does not include assets that have been fully depreciated or are being used as spare parts.

WHAT ARE THE DEADLINES AND PENALTIES?
The deadline for filing the Tangible Return is April 1. After April 1, Florida statutes provide that late penalties be applied at 5% per month, but not to exceed 25%. A 15% penalty is required for unreported property and a 25% penalty if no return is filed.