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| Tangible Personal Property | |||
General InformationLike most people, you probably are aware that Florida law requires the Sarasota County Property Appraiser's Office to appraise real property, more commonly known as real estate and its improvements. The second main category of property that we appraise is called tangible personal property. Even if you do not own your home or place of business, you still may have property in this category that must be appraised by the Sarasota County Property Appraiser. However, despite its name, taxable tangible personal property does not include the household goods, appliances and personal items owned and used exclusively by you and your family. We have prepared this link to help answer your questions about what is involved in tangible personal property, including the filing of reports and meeting important deadlines. For instance, did you know that if you have property that qualifies as tangible personal property, state law requires you to file a tax return by April 1 to avoid penalties? You will find other helpful information in our other publications on appraisals and exemptions. If you still have questions or would like more information, please call or visit your Property Appraiser's Office. For your convenience, we have provided office locations and phone numbers at the end of this link. Back to TopTangible Personal Property DefinedGenerally speaking, tangible personal property is defined as business-related assets that are easily moved and not fixed to real estate. This broad definition can include or exclude various items depending on how they are used. One example would be a family's personal computer used solely for homework, games, or household budgets. In this case, the computer would not be classified as taxable tangible personal property. However, if the same computer were used in operating a business from a home office, it would be counted as tangible personal property. Simply put, if you use it to produce income in any fashion, it probably is taxable tangible personal property. Back to TopThe IRS and DepreciationIt is not unusual for people to be confused about how the Internal Revenue Service treats tangible personal property versus how the Property Appraiser is required to value property. The offices have completely separate and different purposes and reporting methods: State law requires you to report all tangible personal property in your possession or ownership, regardless of its age or condition, in storage or active use, whether owned, leased, or a gift. If it is yours, you should list it. Mail your return to the Sarasota County Property Appraiser's office. For information on how the Internal Revenue Service treats tangible personal property, we suggest you call your accounting professional or the IRS directly. Back to TopAppraising the PropertyTangible personal property is listed to the owner as of January 1. Most assessments are based on information supplied by the owner to the Property Appraiser's office. After the property owner returns the information via the Tangible Personal Property Tax Return, we primarily use the cost approach to arrive at the value of the personal property. Our "Understanding Appraisals" link has more explanations on the approaches to value. The return should include the property's original total cost, including transportation, handling and any installation charges. This applies whether the property was acquired new, used, received as a gift or brought from home. Property that has been physically removed from the property, but not sold as of January 1, also should be included. Please note: If you sell property after January 1, you still are responsible for paying taxes on it for the previous year in which you owned it, and you should list the property in your report. Back to TopThe Tangible Personal Property Tax ReturnBack to TopGeneral InstructionsAs a property owner, you are required by state law to provide certain information to the Property Appraiser. You can comply, and thus avoid penalties, by filing a Tangible Personal Property Tax Return on or before April 1. All known businesses will be mailed a tax return form in the month of January, or you may request a form from our office at any time during the year. If you do not receive a form, please call us. Detailed instructions accompanying the return will help you complete it, but sometimes deciding if and how an item should be reported can be difficult in this complex area of taxation. A sample listing follows as a general guide. Please remember that there are exceptions, and this list may not match your business or property. If you have any questions about applying this information to your situation, please call our office. Back to Tangible Tax ReturnWho files a report?
Back to Tangible Tax ReturnItems reportedGenerally speaking, furniture, fixtures and equipment that are necessary to a business, such as:office furniture, computers and equipment lawn maintenance equipment and tools trade fixtures such as counters, wall displays and in-ground lamps installed machinery and manufacturing equipment installed store equipment hotel and motel furnishings rental units' furniture, appliances, fans and window treatments signs and billboards leased items, such as computers, copier machines or vending machines supplies such as stationery, janitorial supplies, linens, and other items used in a business agricultural equipment improvements to leased property (shelving, etc.) tractors and construction equipment Back to Tangible Tax ReturnWhat Not to Report
Back to Tangible Tax ReturnFile on TimeIt is to your advantage to file your return on time. The filing period is January 1 to April 1. State law imposes a stern penalty for filing late - as much as 25 percent of the assessed value of the property. Furthermore, if you do not file your tax return, the Property Appraiser's office is required to estimate the property's value and place it on the current tax roll. Without updated information from you, our figures most likely would differ from yours. We encourage you to avoid inconvenience and potential penalties by completing and returning your report as soon as you gather the data. As always, if you have questions or need an explanation about a particular item, please call us. Back to Tangible Tax ReturnTangible Personal Property FAQ
Back to TopMust I report my small home-based office?Yes. All equipment, furnishings and fixtures used in a business operation should be reported, regardless of the location or size of the business. If you are producing any income by operating a business in your home with a personal computer, telephone, fax machine and other furnishings such as a desk and filing cabinet, equipment, you are required to include them. Back to FAQHow is inventory treated on the tax return?Items that are held exclusively FOR SALE are not taxable as tangible personal property. Goods, wares and merchandise that have been rented/leased or used in your business are taxed and can never return to the exempt status of not being taxed. These items should be listed along with your other items of property being reported until they are sold or physically removed from the property. Items in your inventory account, such as a supply of stationery, linens, janitorial cleaners, paper products and computer supplies should be listed on the appropriate line on the return. Back to FAQIs a tool installed on a company vehicle included?While the vehicle itself will not be taxed, certain equipment is taxable as tangible personal property when it is designed as a tool rather than a transportation vehicle. Back to FAQDo each of my business branch locations require a return?A separate return is required for each location in Sarasota County. Please contact our office if you need additional forms. Back to FAQMust I report a piece of equipment that I loaned to a friend?Yes. If you still own the item on January 1, you should report it and specify its whereabouts. Back to FAQAre mobile homes and attachments taxed as tangible personal property?Manufactured and mobile homes on leased land that do not have a current MH sticker on January 1 are assessed as tangible personal property. Cabanas, carports, patio roofs, utility rooms and other attachments to mobile homes are taxed as tangible personal property. Back to FAQWhen will I know the amount of my tangible personal property tax bill?A notice of proposed property taxes (TRIM) that will include the valuation will be mailed in August. Back to FAQWhen do I pay the tax on tangible personal property?You will receive a bill in November from the Sarasota County Tax Collector for your tangible personal property tax which will be based on the return you filed by April 1. Back to FAQWhat if I disagree with my tangible personal property tax valuation?Personal property is assessed for Ad Valorem tax purposes, and you have the right to appeal to the Value Adjustment Board. But please call us first, or come by our office to talk with us. We will show you how we arrived at your appraisal, and we will be happy to review any new information you may present. Back to FAQDo I have a recourse if I miss the April 1 filing deadline?If you miss the April 1 deadline, you should file your return as soon as possible to avoid escalating penalties. Please call us if you need more information. Back to FAQ |
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