Tangible

What is Tangible Personal Property?

Tangible ersonal Property is tangible and portable objects considered by the general public as being "personal" e.g., furnishings, machinery and equipment. Tangible Personal Property includes, but is not limited to: machinery, equipment, furniture, fixtures, signs, window air conditioners, supplies, leased, loaned, borrowed, or rented equipment, mobile home attachments on rented land (including cabana rooms, carports, etc.) and furnishings in rental units.

Who is Required to File Tangible Returns?

Every person, firm, corporation, etc., owning, leasing, managing, having control or custody, direction or supervision of any tangible personal property in Highlands County is required to file a return when:

  • The value of your Tangible Personal Property exceeds $25, 000 on January 1, 2017.
  • You have an existing business and should have but did not file a TPP return in 2016.
  • You have a new business and have never filed a TPP return before.

If you file the TPP return and the value of your business property remains less than $25,000 you will not have to file a Tangible Personal Property Return in the future.

When to File

All Tangible Personal Property must be filed prior to April 1st, each and every year to avoid penalties. Property tax exemptions do not exempt property owners from filing requirements.

Deadline Extensions

Pursuant to F.S. 193.063, we will consider requests for TPP Tax Return filing extensions. Please provide us with a list of clients requesting extensions in order by account number.

  • The request must be: Made in writing
  • Include the name of the entity
  • Include the account number
  • No request will be considered without the account number

The deadline for extension requests is March 24th, 2017 at 5PM. This date is firm and is statutory. All accounts granted an extension will be due in our office no later than 5:00 PM on May 2nd, 2017. Any extended account received after the May 1st deadline will be subject to the statutory penalty.

Penalties

Penalties may be imposed for failing to file, or improper or late filing of a Tangible return.

  • Failure to file a return - 25% penalty.
  • Filing after due date - 5% penalty each month up to 25%.
  • Failing to properly file - 15% of corrected value.

If you are required to file a return and fail to do so, you are subject to the 25% penalty on the total tax levied against the property. The penalty will be calculated without benefit of the $25,000 exemption for each year you do not file a return. FS 196.183(3) and 193.072(1) (a).

Failure to file a return or to otherwise properly submit the property for taxation does not relieve the taxpayer of any requirement to pay all taxes assessed against the property.

It is our desire to eliminate penalties whenever possible. Therefore, you are urged to file your tangible return as soon after January 1st as possible. Late filing penalties begin after April 1st.