What is tangible personal property tax Florida?

Tangible Personal Property Tax is an ad valorem tax assessed against the furniture, fixtures and equipment located in businesses and rental property. Penalties are assessed monthly on the value of your property and can result in a 25% increased value being added to your personal property values.

What is Florida DR 405?

Regardless, filing a Form DR-405 ensures an automatic exemption of the first $25,000 in assessed value of tangible personal property. …

Do you have to report tangible property in Broward County?

If you own tangible personal property that you lease to others and is typically located in Broward County, you must report this property on Page 1, line 22 of your return. IS THERE A MINIMUM VALUE THAT I DO NOT HAVE TO REPORT? No. You must report all tangible personal property.

When do you have to file taxes in Broward County?

Based on Florida Statute 193.052, any resident in possession of these assets on January 1 must file a tangible tax return form with the Broward County Property Appraiser’s office no later than April 1 of each year. Tangible Personal Property Tax Process

When to file appeal with Broward County Value Adjustment Board?

If, after speaking with us, you are still not satisfied, you have 25 days from the August mailing date of the TRIM Notice to file a petition with the Broward County Value Adjustment Board (VAB). This deadline is always in mid-September of each year. Click here to read more about the VAB appeal process.

How does the property appraiser work in Broward County?

The Broward County Property Appraiser’s Office assesses the value of tangible personal property and presents a certified tax roll to Broward County Records, Taxes and Treasury Division. The assessment is based on status as of January 1. If a business was open, a unit was rented or a mobile home was owned on January 1, an assessment will be made.