Get Tangible Personal Property Tax Return Manatee 2017

Background. Tangible personal property includes items such as vehicles, antiques, silver, artwork, collectibles, furniture, machinery, and equipment.

Personal Property - Any property other than real estate. The distinguishing factor between personal property and real property is that personal property is movable and not fixed permanently to one location, such as land or buildings.

Personal property can be characterized as either tangible or intangible. Examples of tangible personal property include vehicles, furniture, boats, and collectibles. Stocks, bonds, and bank accounts fall under intangible personal property.

$25,000 TPP Exemption If you file your TPP return by April 1, you will be eligible for a property tax exemption of up to $25,000 of assessed value. (see s. 196.183, F.S.)

Each return is eligible for an exemption up to $25,000. By filing a DR-405 on time you automatically apply for the exemption. If you do not file on time, Florida Law provides for the loss of the $25,000 exemption.

In comparison to intangible personal property, tangible property can be touched. Consider property such as furniture, machinery, cell phones, computers, and collectibles which can be felt compared to intangibles such as patents, copyrights, and non-compete agreements that cannot be seen or touched.

In any year the assessed value of your tangible personal property exceeds $25,000, you are required to file a return. Taxpayers who lease, lend or rent property must also file a return.

Tangible personal property includes equipment, supplies, and any other property (including information technology systems) other than that is defined as an intangible property. It does not include copyrights, patents, and other intellectual property that is generated or developed (rather than acquired) under an award.