File a DR-405 return April 1. If you have less than $25,000 in value, you may file a DR-405EZ. (See Amendment 1 information regarding those accounts under $25,000)
The preparation of your return is only as good as the information you provide to your accountant or report on your form.
Questions 1-9a must be answered completely on return or it may be classified as incomplete.
Indentify any equipment that may have been “Physically Removed” during the year. List those items in the appropriate space on the back of the return.
It is to your advantage to detail the reporting of your assets so that the proper depreciation of each type of assets may be applied. You may attach to the DR-405 tax return an asset listing or a depreciation schedule and mark the tax return “see attached”.
Do not use vague terms such as “various/no change/same as last year”.
Please include your estimate of the fair market value, condition, and the original cost of the asset. These are important considerations in determining a fair and accurate assessment.
Additional information regarding filing is provided in the instructional section (DR-405 I) of the return itself.
If you sell your business, go out of business, or move to a new location, please inform this office as soon as possible. This will help enable the Property Appraiser’s Office to keep timely, accurate records.
In mid-August you will receive your Truth in Millage (TRIM notice). Please review this thoroughly and call the Tangible Department if you have any discrepancies. If your value is less than $25,000, you will only receive a TRIM in the initial year of exemption.