TANGIBLE PERSONAL PROPERTY

Ø CONTACT AND IMPORTANT DATES TO REMEMBER

Ø FILING GUIDELINES AND SUGGESTIONS

CONTACT AND IMPORTANT DATES TO REMEMBER

The Tangible Personal Property Department, Rita Preston at (850) 653-9236 is available to assist you with additional filing guidelines and answering your questions on filing the DR-405 and the Under $25,000 Value Information Update Form.

January 1 Date of assessment. TPP tax returns DR-405 and Value Information Update Form mailed.

April 1 Filing deadline for tangible tax return that was granted an extension in writing.

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

August TRIM notices mailed.

FILING GUIDELINES AND SUGGESTIONS

All business located in Franklin County are required to file a DR-405 Tangible Personal Property return each year and/or the under $25,000 Information Update Form.

· File the original DR-405 TPP tax return received from this office with the preprinted name and account number, on or before the April 1 deadline. Insure that items 1 – 9a are filled in. Sign, date, and list a contact number on your return.

· On page two of your return list items in the appropriate space on your return, being sure to list year purchased, taxpayers’ estimated of fair market value and original installed cost. List any equipment that has been physically removed in the space provided. List equipment items that are leased, loaned, and rented in the appropriate space on your return with the owner/lessor name and address. The above requested information on page two will be used to depreciate your equipment to assess the fair market value.

· DO NOT use vague terms such as “same as last year”.

· The Franklin County Property Appraisers office “has provided” under $25,000 INFORMATION UPDATE YEARLY FORM for any business that meets the filing criteria requirements. First, any business that has not filed a return, a new business, and/or a deleted/non-active account will not meet the filing criteria requirements and must file the DR-405 form. Second, as of January 1 of each year the total value of the assets pertaining to your business account does not exceed $25,000 in value. “If” the 1^st & 2^nd criteria requirements above are met the under $25,000 Information Update Form should be used in place of the DR-405 form.

· Contact the Tangible Personal Property Department (TPP) at the Property Appraisers office if you move your business to a new location, change the name of your business, go out of business and/or sell your business. This will assist the TPP Department to assign the correct millage for the area of the county where your business resides. Also to close your account if your business closes or sells to avoid undue accrued taxes in your business name.