Tangible personal property tax is an ad valorem tax assessed against the furniture, fixtures, and equipment located in businesses and rental property. It also applies to structural additions to mobile homes not assessed as Real Property and rental furnishings provided in a rental property. For more information on the assessment of tangible personal property taxes please contact the Property Appraiser’s office at 386-313-4150 or visit their website: www.flaglerpa.com.
In 2008, Amendment 1 was enacted, creating a $25,000 Tangible Personal Property Exemption. All Tangible Personal Property accounts are eligible to receive up to a $25,000 exemption if a Tangible Personal Property return (DR-405) has been timely filed with the Property Appraiser. All new businesses are required to file this return in order to receive the exemption.
TPP taxes are assessed as of January 1st of the current tax year. Similar to real estate taxes, the TPP tax is due on November 1st or when the Property Appraiser certifies the tax roll to the Tax Collector, and become delinquent on April 1st of the year following assessment. Per Florida Statute 197.413, the Tax Collector shall prepare warrants against the delinquent taxpayers providing for the levy upon and seizure of tangible personal property. If the taxes remain unpaid and the sale of the tangible personal property is not sufficient to pay the delinquent taxes, or the property is no longer located in the county, the Tax Collector may also seize and sell all other personal property of the taxpayer located in the county to satisfy the unpaid taxes.