Frequently Asked Questions ( FAQ )

What is Tangible Personal Property?

Why must I file a return?

How can I obtain this form?

Is there a deadline and penalties?

What if my assets have been fully depreciated, written off the books, personally owned, old, or purchased second hand?

What if I have no assets to report?

If I am no longer in business, should I still file the return?

Do I have to report assets that I lease, loan, rent, borrow, or are provided in the rental agreement?

If I buy or sell an existing business during the year, who is responsible for the taxes?

What if I don’t have enough value to report?

Is my manufactured home considered real property or tangible personal property?

What is an Office Assessment?

What if I have more than one location?

If I rent my furnished home or condo for a few months, do I have to file a tangible personal property tax return?

What if I don’t agree with the assessed value that appears on the Notice of Proposed Property Taxes that I receive in mid-August?

If my business or rental value is under $25,000, do I have to file?

What is tangible personal property?

Simply put, Tangible Personal Property refers to ALL assets used in a business or rental activity that are subject to an Ad Valorem assessment. More specifically, it is furniture, fixtures, tools, machinery, household appliances, equipment, signs, computers, leased equipment, leasehold improvements, and supplies - whatever is used to generate income for the business or rental.
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Why must I file a return?

Florida Statute 193.052 requires that all tangible personal property be reported to the Property Appraiser’s Office.
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How can I obtain this form?

The DR-405 and other important forms are provided on the Tangible Personal Property Main Page. For rental properties you can file online through the Taxpayer Services option on the home page.
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Is there a deadline or penalties?

Deadline for filing a timely return is April 1 of each taxing year. Florida Statute 193.072 provides the guidelines for the penalties that may be applied: 5% for each month the return is filed late up to a maximum 25% penalty. There is a 15% penalty for unreported property. if no return is filed, a 25% penalty will be assessed and the $25,000 exemption is not applicable.
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What if my assets have been fully depreciated, written off the books, personally owned, old, or purchased second hand?

Whether fully depreciated or expensed in your accounting records, all property still on site and in use must be reported on your return and includes all of above.
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What if I have no assets to report?

All businesses and rental units have some assets to report, even if it is only a phone, supplies, leased equipment, or household items.
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If I am no longer in business or no longer renting my unit, should I still file a return?

A final return should be filed along with a Disposition of Assets Form. All correspondence can be emailed to tpp@leepa.org. You may also contact the department at (239) 533-6140 with any questions.
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Do I have to report assets that I lease, loan, rent, borrow, or are provided in the rental agreement?

Yes, on the back of the DR-405 second section you report name and address of owner or lessor, description, year acquired, rent, and retail installed cost.
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If I buy or sell an existing business during the year, who is responsible for the taxes?

Per Florida Statute 197.412, the owner of the property on the date the taxes become due is responsible. However, some title companies do not perform a title search on the tangible assets of a business. Therefore, we suggest you consult your realtor, attorney, closing agent, or title company to avoid any problems in this area.
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What if I don’t have enough value to report?

You must file with this office before April 1 of the taxing year regardless of the value you report. However, the Tax Collector's Office may then determine that no tax liability exists.
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Is my manufactured home considered real property or tangible personal property?

If you own both the land and the manufactured home it is considered Real Property. If you do not own the land, but do own the manufactured home and added improvements such as a carport, screen porch, or air conditioner, it is Tangible Personal Property. Under Amendment 1, Lee County is exempting your improvements if their value is under $25,000. However, you must buy an annual mobile home registration sticker for the manufactured home from the Tax Collector’s Office.
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What is an Office Assessment?

Florida Statute 193.073(2) authorizes the Property Appraiser to assess any business that does not file with an average cost of similar businesses. These averages are based on businesses in the same NAICS (North American Industry Classification System) here in Lee County. However, being office assessed does not alleviate your responsibility to file an accurate return. To insure the proper reporting and valuation of your assets, and thus an accurate tax bill, you must file a return annually.
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What if I have more than one location?

If you have more than one location you have to file a separate return for each location. If you only have one business location and receive more than one, contact this office.
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If I rent my furnished home or condo for a few months, do I have to file a tangible personal property tax return?

Yes, since rental activity is of an income-producing nature, you must file a return which lists your personal property. Items that should be listed include: appliances, beds, draperies, lamps, ceiling fans, equipment, and any other furniture or furnishings included in the rental unit. This form can be electronically filed on our website. Tangible Rental Tax Return Form Tangible Rental Online Filing or file a DR-405.
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What if I don’t agree with the assessed value that appears on the Notice of Proposed Property Taxes that I receive in mid-August?

First, we would like you to contact or visit our office to discuss your assessment. You can submit any documents or pertinent facts for our review. If you believe your concern is unresolved, you may file a Value Adjustment Board petition with the Minutes Department of the Clerk of Courts for a $15.00 filing fee. These forms are available at the Property Appraiser’s Office, Clerk of Courts, or on our web-site.
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If my business or rental value is under $25,000, do I have to file?

Yes, in order to receive the exemption a timely return must be filed the first year you are eligible. After your initial filing, you will not be required to file again until you acquire additional assets that bring your total value to 25,000.
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