If you are new to the state an operate a business, you will probably need to file a Tangible Personal Properties Return (TPP Return). The form to use is the DR-405 and it’s due to your local property appraiser by April 1st each year. Keep in mind, this deadline is really important, and not just for avoiding fines.
$25,000 Tangible Personal Property Exemption
Here’s the scoop: When you file by the April 1st deadline, you become eligible to exempt up to $25,000 of your tangible personal property from taxation!
How Many DR-405s Should You File?
Here’s something that people new to the state might not realize: You actually have to file a separate DR-405 for each site in the county where you do business. So, if you have three separate freestanding businesses in Collier County, you will file three separate, single DR-405s.
What Property Is Taxed?
On the DR-405, you will include the following:
- Equipment on certain vehicles
- Personally owned property used in business
- Inventory that is held for lease
- Goods, chattels and other valuable articles
- Depreciated items
You should not include intangible personal property like an IRA or CDs, household goods, cars, trucks, and inventory that is actually for sale as part of the business.
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Are You Buying a Home on Marco Island?
Considering buying a home on Marco Island? We’d love to help you find one that’s just right for your needs.
First, check out available Marco Island area properties using this helpful search tool. If it’s easier, you can just call us at 239-821-7926 or get in touch with us online to let us know what you’re looking for. We’re happy to contact you however you prefer. Then, we’ll start searching our databases right away using criteria you specify!
In the meantime, you can also easily explore Marco Island real estate by price:
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