What is tangible personal property?
Tangible personal property is everything used in a business other than inventory and items of real estate. Known also as business personal property, it includes machinery, equipment, furniture, fixtures, signs, window air conditioners, supplies, leased equipment, and furnishings in rental units.
Who is required to file a tangible personal property tax return with the Martin County Property Appraiser?
Anyone in possession (owner or lessee) of assets on January 1, who has a proprietorship, partnership, corporation, or is a self employed agent or contractor, must file each year.
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.
When should I file?
Tangible personal property tax returns must be submitted to the Property Appraiser's office on or before April 1 of each year in order to avoid penalties.
What if I file after the April 1 deadline?
After April 1, Florida Statutes require penalties be applied at 5% per month or portion of a month that the return is late. A 15% penalty is required for unreported property and a 25% penalty if no return is filed. If you file late, please attach a letter with your return explaining why and the penalty may be waived.
What happens if I do not file?
The Property Appraiser’s office is required by law to place an assessment on the tax roll. An estimated assessment, based on the best information available, will determine the value. In addition, failure to file a return may result in a maximum 25% penalty fee. The exemption does not apply in any year that a taxpayer fails to timely file a return.
What if I do not receive a tangible personal property tax return?
Failure to receive a personal property tax return does not relieve you of your obligation to file in a timely manner. Contact our office for blank returns.
If I am no longer in business, should I still file the return?
Yes, if you were not in business on January 1 of the current tax year, you should indicate on your return the date you went out of business and the disposition of the assets. If you still have possession of the assets, you must continue to report them as idle equipment.
I received a return, but do not own any assets. Should I file?
Yes, you should file the return and explain why it does not apply to you. Failure to respond may result in an assessment and penalties.
I have assets at more than one location in Martin County. Do I need to file separately for each location?
Yes, in most cases you should file a return for each location. In some instances you may be able to file a single return. Please consult with the Property Appraiser’s office staff first.
What if I have old equipment that has been fully depreciated and written off the books?
All property still in use or in your possession should be reported.
What if the only equipment I have was brought in from another business or from my home?
All assets brought into or being used by the business should be reported.
What if all the assets in my business are leased?
There is a schedule on the return that asks you to list all leased, loaned or rented equipment in your possession and the name and address of the lessor. Fill in this part of the form in its entirety.
What if I do not agree with the assessed value stated on the Notice of Proposed Property Taxes that I receive in August?
Call our office or come in and discuss the matter with us. We welcome the opportunity to review the account and the assessed value with you. Typically, taxpayers who follow the process are satisfied with the end result. However, if you still disagree with our finding, you may file a petition to be heard by the Value Adjustment Board.
How is depreciation calculated?
The Property Appraiser’s office uses Florida Department of Revenue guidelines in conjunction with our office guidelines to calculate depreciation. For additional detail, please contact our office.
What is the Tangible Personal Property Exemption?
It is a $25,000 exemption off the value for tangible personal property. The tangible personal property return is your application for the exemption.
Please be aware that failure to file a return constitutes a failure to apply for the exemption and the account will not be eligible for the exemption. Once you file your initial return, and if the value of your tangible personal property remains less that $25,000 in subsequent years, you are not required to file another return because your exemption will be automatically renewed by our office.
What is Pollution Control?
Any device, fixture, equipment, or machinery used primarily for the control or abatement of pollution or contaminants from manufacturing or industrial plants or installations, but shall not include any public or private domestic sewerage system or treatment works. Any taxpayer claiming the right of assessments for ad valorem taxes under the provisions of this law shall so state in a return filed as provided by law giving a brief description of the facility. The property appraiser may require the taxpayer to produce such additional evidence as may be necessary to establish taxpayer’s right to have such properties classified hereunder for assessments.
Dates to Remember
- January 1st - Date of Assessment
- March 1st Deadline - Homestead and other exemption filing deadline
- March 31st Deadline - Deadline to file Request for TPP Extension
- April 1st Deadline - Tangible personal property tax return must be completed and returned to the Property Appraiser.
- Mid-August - Notice of Proposed Property Taxes is mailed
- September - 25 days following the mailing of the Notice of Proposed Property Taxes is the deadline to file a Value Adjustment Board petition.
- November - Tax Bills are mailed by the Tax Collector
- File the original, preprinted return as soon as possible before April 1. Be sure to sign and date the return.
- It is to your advantage to provide a breakdown of assets since depreciation on items may vary.
- If you have an asset listing or depreciation schedule that identifies each piece of equipment, attach it to your completed form.
- Be sure to list any equipment that was physically removed.
- If you sell your business, go out of the business or move to a new location, please inform this office. It will enable us to keep timely and accurate records.
- Additional information regarding filing is provided in the instructional section of the return itself.