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Tangible Personal Property Tax General FAQ

 

  1. What is Tangible Personal Property tax?  

Tangible personal property taxes are assessments on assets used in a business, such as furniture, fixtures, machinery, equipment, appliances, tools, signs, supplies and leased equipment.

 

  1. Who determines the value of personal tangible property?

The Property Appraiser’s Office of Palm Beach County.  For further information you can reach them at 561-355-2896 or by visiting the website at http://www.pbcgov.org/papa/Tangible.htm.

 

  1. How is the amount of the tangible personal property tax bill determined?  

When filing your Tax Return with the Property Appraiser’s Office, be sure to report all assets, including fully depreciated and expensed assets.  Provide the asset description original installed cost, year acquired and your estimate of value.  The Property Appraiser’s office will make the final determination.

 

  1. I just received my tax bill and I don’t know what it is for.  Can you help me?

Tangible personal property taxes are assessments on assets used in a business, such as furniture, fixtures, machinery, equipment, appliances, tools, signs, supplies and leased equipment, as well as mobile home attachments (concrete porches, attachments, etc.).  You will receive a bill if you have any property in those categories.

 

  1. I received my tangible tax bill and I’ve noticed there is a penalty.  Why?

The penalty is determined by the Property Appraiser’s Office and affects any tax payer who fails to file a return by the designated deadline (March 31st). For more information please contact the Property Appraiser’s Office at 561-355-2896.

 

  1. How do I get the penalty removed?  

Contact the Property Appraiser’s Office for further information at 561-355-2896.

 

  1. I filed Bankruptcy, but I received a tangible tax bill.  Why? 

Tangible Personal Property tax bills are sent regardless of bankruptcy status.  This bill gives you the opportunity to verify the value of your personal property which may be assessed during your bankruptcy proceedings. If there is a problem with the assessment please contact the Property Appraiser at 561-355-2896. 

 

  1. I did not file a tax return and I received a tax bill.  How does the Property Appraiser know what assets I have? 

There is certain criteria that they follow in order to determine the estimated value of assets.  Please contact the Property Appraiser’s office for more information at 561-355-2896 or visit the website at http://www.pbcgov.org/papa/Tangible.htm

 

  1. How do I file a tangible personal property tax return?

(Click here)  http://www.pbcgov.org/papa/forms/dr405a.pdf

 

  1. Are business owners subject to tangible personal property tax?

Yes. Tangible personal property taxes are assessments on business furnishings equipment, rental property, immovable furnishings or equipment used in operation of the business.

 

  1. Are there any exceptions on this tax for businesses?

Yes. If the business assets are worth a total of $25,000 or less the business does not have to pay the tangible personal property tax.

 

  1. How do I apply for my $25,000 exception for my business?

You must file an initial return with the Property Appraiser’s office for approval of the exemption.  (click here – DR-405  http://www.pbcgov.org/papa/forms/dr405a.pdf )  Contact Information is 561-355-2896 or visit the website at http://www.pbcgov.org/papa/Tangible.htm

 

  1. My business assets are less than $25,000.  Why am I receiving a bill? 

You must file an initial return with the Property Appraiser’s office for approval of the exemption.  (click here – DR-405  http://www.pbcgov.org/papa/forms/dr405a.pdf )

 

  1. I own a business but I rent the location from my landlord.  Why did I receive a tax bill?

The tangible personal property assessed against a business is on the furniture, fixture and equipment used in the operation of the business.  Therefore, if you own the above type of property you are liable for the tangible personal property tax.

 

  1. I just purchased this business and I received a bill for the old owner’s taxes.  What should I do?

The tax liability follows the personal property, not the owner.  Contact the Property Appraiser’s Office at 561-355-2896 for more information or visit the website at http://www.pbcgov.org/papa/Tangible.htm

 

  1. I received a bill addressed to my previous business location.  What should I do?

Contact the Property Appraiser’s Office at 561-355-2896 to inform them of your new address.

 

  1. I went out of business.  What should I do? 

If you were in business as of January 1st of the assessment year, your tax bill is valid and must be paid. However, you will need to notify Property Appraiser’s office that you are no longer in business, so they do not assess you for the next year in error.  Their phone number is 561-355-2896.

 

 

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