What is Tangible Personal Property [TPP]? Tangible Personal Property includes such items as furniture, tools, machinery, appliances, leasehold improvements, signs, supplies, leased equipment, agricultural equipment and personally owned items used in a business.When is the Deadline to File? All Gulf County 405 Forms must be filed by April 1st of that year. Taxpayers who file their Gulf County 405 TPP returns by the April 1 deadline will receive an exemption on the first $25,000 of assessed value.What should I claim on my Gulf County 405 form? A TPP return must be filed on all equipment used to operate your business. Even those who may not think they have assets to report probably do -- for example, supplies, rented equipment, items provided to renters or personally owned items used in business.Filing late or failing to file a Gulf County 405 TPP return may result in filing penalties.