A taxpayer may request a 30 day extension of time to file the Tangible Personal Property Tax Return and it must be postmarked by April 1. If an additional 15 day extension is needed, it must be requested in writing and postmarked by May 1. The additional extension is granted at the discretion of the property appraiser s.193.063. Fla. Stat. (2012).
Tangible Personal Property Tax Extension Request
The Hillsborough County Property Appraiser's Office offers businesses an easy and convenient way to file their Tangible Personal Property Tax Return online, which allows taxpayers and their CPAs to file their HC-405 starting January 1 of each year.
Please Click Here to Complete and Download the blank, New Account Tangible Personal Property Tax Return (HC-405) and submit the completed paper return to the HCPA.
If you have questions regarding the Tangible Personal Property Return or the TPP E-File System, please contact us at (813) 272-6988 during our normal business hours (Monday - Friday, 8 a.m. - 5 p.m.).
In order to properly file a return, we need the following:
Depreciation is calculated using Index Factors and Percent Good Tables, which are updated on an annual basis.
If you choose to file a paper return, or for CPA and tax accountants who choose to utilize software that does not contain a barcode, please click here to download and print the Tangible Personal Property Cover Sheet and submit with your return.
Leasing Company Excel Template Instructions: Employing this template will assist the Tangible Personal Property Department in the efficient and accurate processing of your Tangible Personal Property Tax Return. The Excel Tangible Template requests that the lessor provide a description of the property, the year acquired, original installed cost of the property and the lessee's name or the address of the property. The lessor must use the Excel Tangible Template if they would like to have their lessees separated by name or individual asset location.
Once you have completed the Excel Tangible Template, please email it to the HCPA, at TPPLeasing@hcpafl.org. You will also need to submit the signature page of the HC-405 with all applicable information including your signature and any additional correspondence such as Letter of Authorization (LOA), Change of Address, and Bill of Sale. Your Tangible Personal Property Tax Return (HC-405) and template will be considered timely filed based upon the received date of your email. We suggest that you maintain a copy of the email for your records.
What is tangible personal property? Tangible Personal Property is everything, other than real estate, that you use to operate your business. It includes furniture, fixtures, computers, tools, machinery, signs, equipment, leasehold improvements, supplies, leased equipment and any other equipment used in a business or to earn an income.
Who must file a tangible tax return?Any business or contractor that is open as of January 1 that owns personal property must file each year. Property owners, who lease, lend or rent property must also file.
How do I qualify for the Exemption?File your HC-405 Tangible Tax Return timely. Filing a return after the April 1 deadline will result in penalties. By filing your return on time, you have automatically applied for the $25,000 tangible personal property exemption. Failure to file a return also constitutes a failure to apply for the exemption.
If the assessed value based on the return is less than $25,000, the requirement to file a return is waived. You will know if your filing requirements are waived in your annual TRIM notice. Please continue to file unless you have received the notice that your filing is waived. If in subsequent years your assessed value increases to above $25,000, the taxpayer is obligated to file a return.
Businesses with freestanding property placed at multiple sites, (such as vending and amusement machines, LP/propane tanks, utility and cable company property, billboards, etc.) other than where the owner transacts business, should file a single return and receive one $25,000 exemption.
Why do I have to file a Tangible Tax Return? Section 193.052, Florida Statues, requires that a tangible personal property tax return shall be filed. After the initial year of filing, if the assessed value on the return is greater than $25,000, a return should be filed. If you receive a Passcode Letter by mail notifying you to file a tax return, it is because our office has determined that you may have property to report. If you feel a tangible tax return is not applicable, please return the letter with an explanation. Failure to receive a letter does not relieve you of your obligation to file.
Exempt and partially exempt entities are not immune from the requirement to file. Regardless, the tangible tax return must be submitted. If you do not receive a TANGIBLE PERSONAL PROPERTY TAX RETURN (HC-405), you are still required to submit a tangible tax return if you have tangible property to report. Failure to receive a tangible tax return from the Property Appraiser’s Office does not relieve you of your obligation to file a tangible tax return.
How can I obtain a Tangible Personal Property Tax Return form? You may DOWNLOAD AND PRINT A TANGIBLE PERSONAL PROPERTY TAX RETURN (HC-405) from our website or you can obtain the form from any one of our locations.
When is the filing deadline? Your Tangible Personal Tax Return (HC-405) form has to be in our office by April 1 each year, unless April 1 falls on a non-business day, then the first Monday after. (Section 193.062, Florida Statutes.)
What are the penalties for filing late?If we receive your tangible tax return after April 1, and you don’t currently have a 30 day extension, it will be considered late and a 5% penalty (up to 25%) will be applied for every month we don’t receive a tangible tax return.
Why did I receive a Passcode Letter and/or Tangible Personal Property Tax Return if I was previously exempt? Periodically, previously exempt businesses will receive a Passcode Letter and/or Tangible Tax Return from the Hillsborough County Property Appraiser’s office. This is simply the Property Appraiser’s method of updating our records and valuations. If you received a Passcode Letter and/or Tangible Tax Return, you will be required to complete the return and submit by April 1, subject to the extension periods set forth below.
How do I file an extension?Click here. A taxpayer may request a 30 day extension of time to file the Tangible Personal Property Tax Return. If you need an additional 15-day extension, it must be requested in writing and received by May 1st. This extension will be granted at the discretion of the Property Appraiser only for extraordinary cause.
What if I receive more than one Passcode Letter and/or Tangible Personal Property Tax Return? A tangible tax return must be filed for each letter and/or return you received. If you have more than one location where you transact business, the assets of each location should be listed separately on each return.
What is an office or field review assessment?When a tax return is not filed by April 1 and the filing requirement has not been waived, we are required to place an assessment on the property. Section 193.073(2), Florida Statute, authorizes the property appraiser to estimate from the best information available the assessment of the tangible personal property of a taxpayer who has not properly and timely filed his or her Tangible Personal Property Tax Return (HC-405). The assessment represents an estimate based upon the value of businesses with similar assets. Being assessed does not alleviate you of your responsibility to file an accurate return.
What if I have no assets to report? Complete lines 1 through 9 on the Tangible Personal Property Tax Return (HC-405). Attach a signed, written explanation to the return detailing why you have no assets to report. Examples would be "Never started business", "Employee only", "Closed", "Sold", and "Moved out of the County". Timely submit the tangible tax return to the Property Appraiser's Office.
Or, complete the Tangible Change of Information Form. If the business was sold, please include a copy of the Sales Purchase Agreement.
Should I file a tangible tax return if I am out of business? Yes. If you are not in business on January 1st, please detail on the tangible return the date you closed the business and describe specifically how the tangible personal property was disposed of.
My business has less than $25,000 in assets. Do I have to file? Yes. Every business must file an initial return. Unless you have received a waiver of filing in your TRIM notice, you must file your HC-405 annually.
What if I have old equipment that has been fully depreciated and written off my books? Report it. All tangible property must be reported, regardless of age and depreciated value, sometimes referred to as “book value.” The IRS or your accountant may employ depreciation that does not necessarily reflect current market value. All IRS Section 179 property still in use or in your possession must be reported.
What if my equipment is in poor condition? Broken? Idle? Attach a letter of explanation. Describe the poor, broken, or idle condition of your tangible property. If requested, staff members of the Tangible Department will visit your business location and conduct a physical inspection of the poor, broken, or idle tangible property.
Do I report tangible property that I no longer have because I sold it? Yes. On page 2, the section titled “ASSETS PHYSICALLY REMOVED DURING THE LAST YEAR,” provides you space to describe and explain what tangible property was physically removed during the last year by being traded in, sold, donated, or stolen. Assets will not be removed from your account unless reported in this section. Fully depreciated property still in use and equipment being used as spare parts should not be included in this section.
Should I report tangible property that is leased, loaned, rented, or provided by the landlord? Yes. The section titled “LEASED, LOANED, OR RENTED EQUIPMENT” on page 2 of the Tangible Personal Property Tax Return should be used to list and describe leased, loaned, and rented furniture and equipment. Usually, the Property Appraiser assesses the leasing company for the tangible property. Be aware that a leasing company may invoice you for their tax liability. Consult your individual lease or contract for more information. Capital leases should be reported in the same section as assets owned on your depreciation schedule.
Who is responsible for filing a tangible personal property return if I buy or sell an existing business during the year? The owner on record as of January 1 of the year of sale is responsible for filing a Tangible Personal Property Tax Return (HC-405). The Property Appraiser’s office requests a copy of the Sales Purchase Agreement, including a schedule of fixed assets transferred, to ensure the new ownership is properly recorded. Be aware that tangible taxes should be pro-rated at the time ownership transfers. Should the assessed owner not satisfy the tax debt, the assessed property may be seized and sold to discharge the lien.
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