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Tangible Personal Property Exemption

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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 property located in the county. The requirement that an annual tangible personal property tax return pursuant to F.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 TPP return on which the exemption is taken. If, in subsequent years, the taxpayer owns taxable property the value of which, as listed on the returns, 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. All new businesses are required to file a TPP return.

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