(1) Each tangible personal property tax return is eligible for an exemption from ad valorem taxation of up to $25,000 of assessed value. A single return must be filed for each site in the county where the owner of tangible personal property transacts business. Owners of freestanding property placed at multiple sites, other than sites where the owner transacts business, must file a single return, including all such property located in the county. Freestanding property placed at multiple sites includes vending and amusement machines, LP/propane tanks, utility and cable company property, billboards, leased equipment, and similar property that is not customarily located in the offices, Stores, or plants of the owner, but is placed throughout the county. Railroads, private carriers, and other companies assessed pursuant to s. 193.085 shall be allowed one $25,000 exemption for each county to which the value of their property is allocated. The $25,000 exemption for freestanding property placed at multiple locations and for centrally assessed property shall be allocated to each taxing authority based on the proportion of just value of such property located in the taxing authority; however, the amount of the exemption allocated to each taxing authority may not change following the extension of the tax roll pursuant to s. 193.122.

(2) For purposes of this section, a "site where the owner of tangible personal property transacts business" includes facilities where the business ships or receives goods, employees of the business are located, goods or equipment of the business are Stored, or goods or services of the business are produced, manufactured, or developed, or similar facilities located in offices, Stores, warehouses, plants, or other locations of the business. Sites where only the freestanding property of the owner is located shall not be considered sites where the owner of tangible personal property transacts business.

(3) The requirement that an annual tangible personal property tax return pursuant to s. 193.052 be filed for taxpayers owning taxable property the value of which, as listed on the return, does not exceed the exemption provided in this section is waived. In order to qualify for this waiver, a taxpayer must file an initial return on which the exemption is taken. If, in subsequent years, the taxpayer owns taxable property the value of which, as listed on the return, exceeds the exemption, the taxpayer is obligated to file a return. The taxpayer may again qualify for the waiver only after filing a return on which the value as listed on the return does not exceed the exemption. A return filed or required to be filed shall be considered an application filed or required to be filed for the exemption under this section.

(4) Owners of property previously assessed by the Property Appraiser without a return being filed may, at the option of the Property Appraiser, qualify for the exemption under this section without filing an initial return.

(5) The exemption provided in this section does not apply in any year a taxpayer fails to timely file a return that is not waived pursuant to subsection (3) or subsection (4). Any taxpayer who received a waiver pursuant to subsection (3) or subsection (4) and who owns taxable property the value of which, as listed on the return, exceeds the exemption in a subsequent year and who fails to file a return with the Property Appraiser is subject to the penalty contained in s. 193.072(1)(a) calculated without the benefit of the exemption pursuant to this section. Any taxpayer claiming more exemptions than allowed pursuant to subsection (1) is subject to the taxes exempted as a result of wrongfully claiming the additional exemptions plus 15 percent interest per annum and a penalty of 50 percent of the taxes exempted. By February 1 of each year, the Property Appraiser shall notify by mail all taxpayers whose requirement for filing an annual tangible personal property tax return was waived in the previous year. The notification shall state that a return must be filed if the value of the taxpayer's tangible personal property exceeds the exemption and include the penalties for failure to file such a return.

(6) The exemption provided in this section does not apply to a mobile home that is presumed to be tangible personal property pursuant to s. 193.075(2).

History.--s. 8, ch. 2007-339; s. 9, ch. 2008-173.

1Note.--

A. Section 15, ch. 2007-339, provides in part that "[t]his act shall take effect upon becoming a law, except that . . . [s. 196.183] shall apply retroactively to the 2008 tax roll."

B. Section 1, ch. 2007-339, provides that:

(1) The executive director of the Department of Revenue is authorized, and all conditions are deemed met, to adopt emergency rules under ss. 120.536(1) and 120.54(4), Florida Statutes, for the purpose of implementing this act.

(2) In anticipation of implementing this act, the executive director of the Department of Revenue is authorized, and all conditions are deemed met, to adopt emergency rules under ss. 120.536(1) and 120.54(4), Florida Statutes, for the purpose of making necessary changes and preparations so that forms, methods, and data records, electronic or otherwise, are ready and in place if sections 3 through 9 and sections 10, 12, and 14 . . . of this act become law.

(3) Notwithstanding any other provision of law, such emergency rules shall remain in effect for 18 months after the date of adoption and may be renewed during the pendency of procedures to adopt rules addressing the subject of the emergency rules.

C. Section 18, ch. 2008-173, provides that "[e]xcept as otherwise expressly provided in this act, this act shall take effect [June 17, 2008,] and applies to the 2008 and subsequent tax rolls.

D. Section 13, ch. 2008-173, provides that:

(1) The executive director of the Department of Revenue is authorized, and all conditions are deemed met, to adopt emergency rules under ss. 120.536(1) and 120.54(4), Florida Statutes, for the purpose of implementing this act.

(1) The executive director of the Department of Revenue is authorized, and all conditions are deemed met, to adopt emergency rules under ss. 120.536(1) and 120.54(4), Florida Statutes, for the purpose of implementing this act.

(2) Notwithstanding any other provision of law, such emergency rules shall remain in effect for 18 months after the date of adoption and may be renewed during the pendency of procedures to adopt rules addressing the subject of the emergency rules.

If, as of January 1 of each year, the value of your TPP is $25,000 or less, this office will mail you a waiver, exempting you from filing the DR-405. This waiver will remain in effect as long as the value of your TPP remains at $25,000 or less. If you do not receive a waiver from this office, the DR-405 must be completed. Contact Us for any questions.

If your value exceeds $25,000, you must file the required DR-405, TPP tax return by April 1st. Value increases may be due to the addition of newly acquired tangible personal property during the prior year.

Failure to file a return will result in the loss of your tangible exemption and a 25% penalty will be assessed pursuant to section 193.072, F.S.

If you claim more exemptions than allowed, you will be assessed for the amount of taxes exempted, plus 15% interest and a 50% penalty of the taxes exempted.

Even if you think you have nothing to report, fill out items 1 through 9 on the return, attach an explanation about why nothing was reported and file it with the Property Appraiser's Office.

Almost all businesses and rental units have some assets to report even if it is only supplies, rented equipment or household goods.

Yes. If you were in business on January 1 of the tax year, follow these steps:

Please contact the Tangible Personal Property Department for current request information and format.

File the original return furnished by this office (with name, account number and bar code preprinted) as soon as possible before April 1. Be sure to sign and date your return.

Work with your accountant or C.P.A. to identify any equipment that may have been "Physically Removed." List those items in the appropriate space on your return.

If you have an asset listing or depreciation schedule that identifies each piece of equipment, attach it to the completed return.

Do not use vague terms such as "various" or "same as last year".

It is to your advantage to provide a breakdown of assets since depreciation on each item may vary.

Please include your estimate of fair market value and the original cost of the item on your return. These are important considerations in determining an accurate assessment.

Look for additional information concerning filing within the instructional section of the return itself.

If you sell your business, go out of business, or move to a new location, please inform this office promptly. This will enable us to keep timely, accurate records.