Tangible Personal Property (TPP)
Frequently Asked Questions
Everything other than real estate that has a value by itself. It includes items such as furniture, fixtures, tools, machinery, household appliances, signs, equipment, leasehold improvements, supplies, leased equipment and any other equipment used in a business or to earn income.
Anyone in possession of assets on January 1st who has either a proprietorship, partnership, corporation or is a self-employed agent or contractor, must file each year. Property owners who lease, lend or rent property must also file a return. If you own a property that has an exempt status (i.e. qualified organizations Religious, Charitable, Scientific, Educational, Multifamily Property, Affordable Housing Property) and use tangible personal property for exempt purposes, please attach the DR-504 or DR-504AFH.
Section 193.052, Florida Statutes, requires that all tangible personal property be reported each year to the Property Appraiser’s office. All returns shall be completed by the taxpayer in such a way as to correctly reflect the owner’s estimate of the value of property owned or otherwise taxable to him or her and covered by such return. Failure to submit a personal property tax return to the property appraiser does not relieve you of your obligation.
You may file a completed and signed return by email to TPP@sumtercountyfl.gov. If you do not wish to file by email you may complete the return and either mail or bring it to any of our 2 offices.
Yes. You may request a 30 or 45 day extension by completing a Tangible Personal Property Extension Request form (found in the “Download Forms” section of our website under “Tangible Personal Property Forms”), to this email address: TPP@sumtercountyfl.gov.. When you send in your return, please attach a copy of the email requesting your extension with your Tax Return (DR 405).
The Sumter County Property Appraiser will grant an extension to any business making a request no later than the last working day prior to the April 1st filing deadline (F.S. 193.063).
Even if you feel you have nothing to report, complete the return form, attach an explanation about why nothing was reported, and file it with the property appraiser’s office. Almost all businesses and rental units have some assets to report, even if it is only supplies, rented equipment, or household goods.
Yes. If you were in business on January 1 of the tax year, indicate the date you went out of business, the manner in which you disposed of your business assets and the name and address of the recipient of the assets on your return. If you still have the assets, you must file on these items. Sign and date the return and file it with the property appraiser’s office.
Whether fully depreciated in your accounting records or not, all property still in use or in your possession should be reported.
Yes. There is an area on the return specifically for those assets. Even though the assets are assessed to the owner, they must be listed for informational purposes.
No. There is no minimum value. A personal property tax return must be filed on all assets by April 1.
The deadline for filing a timely return is April 1. After that date, state law provides that accounts will be subject to late filing penalties of 5% per month up to a maximum of 25% as prescribed by Section 193.072 Florida Statutes. Additionally, the account may not receive the exemption from ad valorem taxation (up to a maximum amount of $25,000 per Florida Statutes 196.183), which is available to all accounts that file on time.
The new owner is responsible. However, if there is insufficient property to satisfy the taxes due, on January 1 the new owner will be responsible for the difference. Most title companies do not do a search of the tangible assets of a business, therefore, you should consult your broker, attorney or closing agent to insure your proper protection.
When a tax return is not filed by April 1, the property appraiser is required to place an assessment on the property. This assessment represents an estimate based upon the value of businesses with similar equipment and assets. Being assessed does not alleviate you of your responsibility to file an accurate return.
In mid-August, the owner of record will receive a notice of proposed property tax covering TPP. If you disagree with your assessment, call your property appraiser or go to the office to discuss the matter. If you have evidence that the appraised value is more than the actual fair market value of your property, the property appraiser will welcome the opportunity to review all the pertinent facts. If you do not agree after talking, then you may file a petition to have the matter reviewed by the Value Adjustment Board.
- File the original return from this office as soon as possible before April 1.
- Be sure to sign and date your return.
- Work with your accountant or C.P.A. to identify any equipment that may have been “physically removed.” List those items in the appropriate space on your return.
- If you have an asset listing or depreciation schedule that identifies each item of equipment, attach it to the completed return.
- Do not use vague terms such as “various” or “same as last year.”
- It is to your advantage to provide a breakdown of assets since depreciation on each item may vary.
- Please include your estimate of fair market value and the original cost of the item on your return. These are important considerations in determining an accurate assessment.
- Look for additional information concerning filing within the instructional section of the return itself.
- If you sell your business, go out of business, or move to a new location, please inform your property appraiser office promptly. This helps to ensure timely, accurate records.