Wakulla County Property Appraiser H. Bradley Harvey, CFA 3115-A Crawfordville Hwy., Crawfordville, Florida 32327 | Phone: (850) 926-0500 | Fax: (850) 926-6367
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Tangible Personal Property

IMPORTANT DATES TO REMEMBER

January 1 Date of assessment. TPP tax returns DR-405 mailed. 

April 1 Filing deadline for tangible tax return (with no penalty applied) 

May 1 Filing deadline for tangible tax return that was granted an extension. 

August TRIM notices mailed. 

September Value Adjustment Board petition filing deadline. 

November Tax bills mailed by Tax Collector. 


 

HELPFUL HINTS AND SUGGESTIONS 

** File the original DR-405 TPP tax return received from this office (with the preprinted name and account number), as soon as possible before April 1. Insure items 1 - 9 are filled in. Sign and date your return. 

** Work with your accountant or CPA to identify any equipment that may have been physically removed. List those items in the appropriate space on your return. 

** Carefully review the asset listing included with your return. 

** Provide an itemized listing to include year purchased, age, original cost, and a description of the TPP assets of your business since depreciation on each item may vary. 

** Read the additional information regarding filing in the instructional section of the return. 

** Inform this office if you sell your business, go out of business, change the name of your business, or move to a new location. 

** DO NOT use vague terms such as ''various'' or ''same as last year''.

** For more information about Tangible Personal Property please contact our office.
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DEADLINES AND PENALTIES 

The deadline for filing a timely return is April 1st. After April 1, Florida Statutes provide that penalties be applied at:
5% per month that the return is late
15% for unreported property 
25% if no return is filed 

FREQUENTLY ASKED QUESTIONS 

1. What is Tangible Personal Property?

2. How long have we had a TPP property tax?

3. Who must file a Tangible Personal Property (TPP) tax return (DR-405)? 

4. Why must I file a return?

5. What are examples of TPP that must be reported?

6. Are leasehold improvements tangible personal property?

7. What if I have old equipment that has been fully depreciated and written off the books?

8. How can I obtain a TPP tax return (DR-405)?

9. What if I receive more than one return?

10. Do I still have to file the return if I have no assets to report?

11. Is there a minimum value that I do not have to report?

12. If I'm no longer in business, should I still file the return?

13. Do I have to report assets that I lease, loan, rent, borrow or are provided in the rent?

14. If I rent my furnished home or condo for a few months, do I have to file a Tangible Personal Property tax return?

15. I am having difficulty meeting the April 1 deadline for filing my TPP tax return, can I file an extension?

16. Are there deadlines and penalties?

17. If I buy or sell an existing business during the year - who is responsible for the taxes?

18. What is an office assessment?

19. What if I don't agree with the assessed value that appears on the notice of proposed property taxes I receive in August?


1. What is Tangible Personal Property (TPP)?

TPP can be defined as all goods other than real estate that has value by itself. 

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2. How long have we had a TPP property tax?

This state-imposed tax was first incorporated in 1941 by Governor Spessard L. Holland. The Tangible Personal Property tax along with the Real Estate tax comprise the ad valorem tax base we have in effect today. 

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3. Who must file a Tangible Personal Property (TPP) tax return (DR-405)?

Anyone in business as of January 1 must file a TPP tax return (DR-405). The business could be established as a proprietorship, partnership, corporation or as a self-employed individual. Property owners who lease, lend, or rent property or equipment must also file. All property owners who have been granted an agricultural exemption must file a TPP return to maintain their agricultural exemption. 

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4. Why must I file a return?

Florida Statute 193.052 requires that all TPP be reported each year to the Property Appraiser's Office. If you receive a return, it is because our office has determined that you may have property to report. If you feel the form is not applicable, return it with an explanation and ensure you sign and date the return. Either way, the form MUST be returned. Failure to receive a TPP Tax Return does not relieve you of your obligation to file. 
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5. What are examples of TPP that must be reported? 

All trade furniture, fixtures, and equipment are TPP. Examples of TPP include appliances, computers, communications towers, copiers, equipment, faxes, file cabinets, fixtures, furniture, leasehold improvements, machinery, phones, radios, safes, scanners, security systems, signs, tools, TV's, underground tanks, utility wires and poles, supplies and leased equipment. Property owned by others but is located at your business and/or used in your business must be reported. Property that you personally own and use in your business must be reported. Licensed vehicles designated as a tool rather than a hauling vehicle must be reported. Examples are towing equipment, cranes, pump trucks, loaders forklifts, and excavators. 

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6. Are leasehold improvements tangible personal property? 

If an improvement is of a permanent nature that cannot be readily replaced, or if removing the improvement would cause substantial damage to itself or the real estate, it is NOT considered tangible personal property. If the improvement can be easily removed without damaging itself or the real estate, then it is considered tangible personal property. 

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7. What if I have old equipment that has been fully depreciated and written off the books? 

Whether fully depreciated in your accounting records or not, all property still in use or physically located at your business must be reported. 

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8. How can I obtain a TPP tax return (DR-405)? 

TPP tax returns are mailed to businesses that are currently on the tax roll on January 1. You may also get a tax return from your accountant or CPA. If you do not receive one by the end of January, contact the Property Appraiser's Office. A tax return is also available from the Forms Page

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9. What if I receive more than one tax return? 

If you have more than one location, the assets of each location should be listed on a separate return. Fill out, sign, date and return each TPP tax return received.

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10. Do I still have to file the return if I have no assets to report? 

Yes. All businesses must file a TPP tax return. Even if you feel you do not have anything to report, fill out items 1 through 9 on the return, and attach an explanation of why nothing was reported. Be sure you sign and date the return before mailing it to our office. 

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11. Is there a minimum value that I do not have to report? 

No. A TPP tax return must be filed on all assets by April 1. If the taxes amount to less that $5.00, you will not receive a tax bill. 

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12. If I'm no longer in business, should I still file a return? 

Yes. If you were NOT in business on January 1 of any given year, you MUST file a final TPP return to close your account. On your final return, indicate the date you went out of business and the manner in which you disposed of your business assets (e.g., sold, disposed, or retained for personal use). Sign and date the final return and clearly write ''FINAL RETURN'' across the top of the form. Mail the signed and dated final return back to this office. 

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13. Do I have to report assets that I lease, loan, rent, borrow or are provided in the rent? 

Yes. There is an area on the return specifically for those assets. Even though the assets are assessed to the owner, they must be reported for informational purposes.

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14. If I rent my furnished home or condo for a few months, do I have to file a tangible personal property tax return? 

In Wakulla county , you must file a TPP tax return if you own and rent one or more rental units. 

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15. I am having difficulty meeting the April 1 deadline for filing my TPP tax return, can I file an extension? 

Yes. A letter requesting a 30-day extension must be received by the Property Appraiser's Office prior to April 1. 

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16. Are there deadlines and penalties? 

The deadline for filing a TPP return is April 1. After April 1, Florida Statues require that penalties be applied at 5% per month that the return is late. A maximum penalty of 25% is reached after the beginning of the fifth month. Additionally, Florida Statutes require a 15% penalty for property that is not reported. 

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17. If I buy or sell an existing business during the year, who is responsible for the taxes? 

The owner of the equipment on January 1 is responsible for filing a TPP tax return. The person(s) responsible for paying taxes should be addressed at the time of closing. A search for outstanding or back TPP taxes should also be made. Taxes always follow the equipment. You should consult your realtor, attorney, or closing agent to avoid problems in this area. 
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18. What is an office assessment? 

When a TPP tax return is not filed by April 1, we are required to place an assessment on the property. This assessment represents the typical value of a similar business. Receiving an office assessment because you did not file does not alleviate your responsibility to file an accurate return. 

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19. What if I don't agree with the assessed value that appears on the Truth in Millage (TRIM) notice of proposed property taxes that I receive in August of each year?

Call this office or come in and discuss the matter with us. We welcome the opportunity to review any evidence you can provide that suggests the appraised value is more than the actual fair market value of your property. If you still feel your assessment is too high after talking with us, you may file a petition to be heard at the Value Adjustment Board. 

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