Learn more about Tangible Personal Property Tax

The Tax Declaration must be made annually to the Property Appraiser Office (in the municipality where the rental property is located), with an expiration date of April 1 (fines and penalties will be applied after that date). The collection of this tax will be sent to the taxpayer on or before November 1 of each year.

Payment must be made by March 31, with discounts available for prepayment. The exemption of $ 25,000 became effective as of January 1, 2008.

Tangible Personal Property Tax is an ad valorem tax assessed based on furniture, fixtures and equipment located in companies and rental properties. Ad valorem is a Latin phrase meaning “according to value”. Your rented property is considered business property and as such you must pay a specific tax on the value of the furniture and equipment of the property.

It is your Annual Tax on Real Estate or Property tax. The declaration must be made by April 1st. The penalties will be applied monthly on the value of your property and may result in an additional 25% added to the value of your personal property.

If you buy a resale property, you may receive the credit on your settlement statement for the fiscal year period that you did not own the property. The full year payment charge can be sent later in November so that the full payment can be made.

We suggest you make a final statement for the year following the sale of your rental property so that the council can remove your name from your records.

Tangible Personal Property Tax Exemption – $ 25,000

On January 29, 2008, Florida voters overwhelmingly approved Amendment 1 to grant additional tax relief to homeowners. Although many of the changes related to homesteaded property do not affect nonresident owners of properties in Florida, the change now grants businesses (including short- and long-term rental properties) and mobile homes homes) an exemption of $ 25,000 in Tangible Personal Property – becoming effective January 1, 2008.

To receive the new $ 25,000 exemption, a Tangible Personal Property Tax Return must be filed for each property you own by April 1. As long as the total value of your personal tangible assets remains below $ 25,000, you do not have to make the statement again.

Disclaimer: The information and reporting periods provided are specifically for the State of Florida. Any questions regarding this subject, please contact us.