News & Information
Certification of Tax Roll
Frequently Asked Questions
Where's My Property
Taxes & Exemptions
View Your Trim Notice
Report Exemption Fraud
Forms & Downloads
Tangible Personal Property
What is Tangible Personal Property?
Tangible Personal Property includes any equipment, furniture, fixtures, tools, signs, machinery, leasehold improvements or supplies used in a business or for a commercial purpose, other than inventory, real estate and most licensed vehicles. Exceptions to the licensed vehicle category that are taxable include equipment mounted on licensed vehicles or vehicles that have a primary use as a tool rather than as a hauling device. Examples include items such as rubber-tired cranes, tree spades, cooking and cooling equipment on ice cream trucks and snack wagons, well drilling equipment and carpet cleaning equipment.
The 2008 Constitutional Amendment 1 provides a $25,000 Exemption to taxpayers who file their TPP returns by April 1.
What do I do when I'm starting a new business?
If your business is operational on or before January 1 of the current year, you will need to complete the
Tangible Personal Property information form
Who must file?
Anyone in possession of assets on January 1, who has a proprietorship, partnership, corporation, or is a self-employed agent or contractor, must file each year unless returns have been filed in prior years
the Just/Market Value of the Tangible Personal Property is $25,000 or less.
All first time filers must file an initial return to receive the exemption.
The return serves as your application for the exemption.
If the Just/Market Value of your Tangible Personal Property is
$25,000 or less, you will not be required to file a return in future years unless the value exceeds that amount.
If there are newly purchased assets, which cause the total value to exceed $25,000, then a new return will have to be filed.
Why must I file a return?
It is every business owners obligation to file a Tangible Personal Property return each year per Florida Statute 193.052 .
Some taxpayers may feel that they do not have enough value to report. However, if a return is not filed, pursuant to the Florida Statutes, this office has the authority to place a value against your account along with a 25% penalty for "Failure To File".
Click here to File Online, View Online Filing Instructions or to Download a paper DR-405. Online filing starts annually January 1st. To create a brand new account, please call the Tangible Dept. (352) 754-4190 Press 6
Our office accepts Tangible Personal Property Returns for the 2017 Tax Year until April 1 without penalty. Returns received or postmarked after April 1 are subject to a penalty unless an extension request has been timely submitted and approved.
This option allows for the live editing of your business assets in preparation for submitting your electronic DR-405 Tangible Personal Property Return. TPP On-Line also supports exporting your asset list to an Excel spreadsheet which can be edited and uploaded back to the TPP On-Line website.
To view instructions
(DR-405) Filing a paper return is still an option. However, in keeping with our goal of quicker, easier and friendlier service for you, the taxpayer, our office recommends using the TPP On-Line filing.
If you have any questions, please call the Tangible Department at (352) 754-4190, press 6.
EXTENSIONS ARE DUE BY MARCH 27, 2017
- Please file your Extension Request
. A paper
is still available if you are unable to file on-line.
Deadline for filing an extension is March 27, 2017.
How do I qualify for the $25,000 Tangible Personal Property Tax Exemption?
To qualify and obtain the $25,000 Tangible Personal Property Tax Exemption a DR-405 return must be filed and sent to the Property Appraiser’s Office. If the Assessed Value is determined to be less than $25,000, you will not be required to file a return in subsequent years unless newly purchased assets cause the total value to exceed $25,000. If that happens, then you will need to file a new return. However, new businesses are required to file in order to qualify.
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 in your possession must be reported. Additionally, all assets expensed under Section 179 of the Internal Revenue Service Code must be listed on the Fixed Asset list of your Depreciation Worksheet,
IRS Form 4562
Do I have to report assets that I lease, loan, rent, borrow or are provided in the rent?
Yes. There is a section on the return specifically for those assets. Even though the assets are assessed to the owner, they must be listed for informational purposes to avoid duplication.
Who is responsible for the taxes if I buy or sell an existing business during the year?
The tax bill is between the buyer and the seller. Whoever is in possession of the equipment is liable for all taxes. If there are any delinquent taxes, a lien will be placed on the equipment. Upon closing, please provide a bill of sale with a list of assets (Schedule A) to the Property Appraiser's Office so our tax roll reflects the new owner. Therefore, be sure to consult your realtor, attorney or closing agent to avoid problems.
Should I still file the return if I am no longer in business?
If you were in business on January 1 of the current tax year, you will need to file a "FINAL" return. If your business was closed prior to January 1, complete the
Tangible Personal Property Account Status Change Form.
What if I don't agree with the assessed value that appears on the NOTICE OF PROPOSED TAXES (TRIM) I receive in August of each year?
If you feel that the Market Value appearing on your TRIM notice is incorrect, or you have an issue with Tangible Personal Property, you should contact the Property Appraiser's Office to speak with a representative at (352) 754-4190.
It is the duty of the Property Appraiser to determine fair, accurate and equitable assessments for all property owners in Hernando County. If you have evidence that the Market Value of your property is less than what we have estimated, we welcome the opportunity to review all the relevant data.
If, after an informal review of your property with an appraiser, you still feel that the value is incorrect, you may file a petition to appear before the Value Adjustment Board (VAB). Petitions are available at either of
Petitions must be filed with the
Clerk of the Value Adjustment Board
. Filing instructions are attached to each petition. Please note there is a non-refundable filing fee of $15.00. For petitions with multiple parcels, an additional $5.00 fee shall be charged for each added parcel included on the petition.
The last date in which to file a Value Adjustment Board (VAB) petition is highlighted in blue at the bottom of your TRIM Notice.
© Copyright 2011 Hernando County Property Appraiser's Office
20 North Main Street, Room 463, Brooksville, Fl 34601-2893
Phone (352) 754-4190
Fax (352) 754-4198
© 2011 Hernando County Property Appraisers Site Designed & Maintained by Hernando County Central GIS Department