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Tangible Personal Property Appraisal and Analysis

 

Our Personal Property Appraisal and Analysis Department determines the fair market value of tangible property used in a business and administers exemptions.

Examples of tangible personal property used in a business are furniture, fixtures, machinery, equipment, appliances, tools, signs, supplies and leased equipment.

Q. How do I report my business equipment if its value exceeds $25,000?
A.
A business must file Form DR-405 by April 1 in each year that the value of its tangible personal property exceeds $25,000 on January 1. A completed return will serve as an application for the $25,000 personal property exemption. Failure to file as required will result in the loss of the exemption and assessment of penalties pursuant to law. Click here to download Form DR 405Adobe PDF Document. Please mail completed forms to Property Appraiser's Office, Personal Property Section, 301 N. Olive Ave., 5th Floor, West Palm Beach, FL 33401

Q. What if my business equipment is leased?
A.
List all leased, loaned or rented equipment and provide the name and address of the lessor in the appropriate section on Form DR-405.

Q. Do I file a return if the value of my business equipment is $25,000 or less?
A.
You must file an initial return by April 1 to receive the $25,000 personal property exemption. The requirement to file an annual return in subsequent years will be waived unless the value of your tangible personal property exceeds $25,000 on January 1. Click here to download Form DR 405Adobe PDF Document. Please mail completed forms to Property Appraiser's Office, Personal Property Section, 301 N. Olive Ave.,  5th Floor, West Palm Beach , FL 33401

Q. Does the Property Appraiser’s Office have a list or guide to show the economic  life of an asset?
A.
Yes, it’s available to download from our website. Just click here for the Economic Life Guide Adobe PDF Document.

Q. Does the Property Appraiser’s Office have a list or guide to show an asset’s  market value?
A. Yes, there are two charts to help you determine an asset’s value.  Just click here to download the Present WorthAdobe PDF Document and Index FactorsAdobe PDF Document table.

Q. How does an organization receive an Institutional Personal Property Tax Exemption?
A. Qualified organizations (Religious, Charitable, Scientific, Educational, etc) that own and use their personal property for exempt purposes must file Form DR-504, Ad Valorem Tax Exemption Application and Return, by March 1 each year. Click here to download Form DR- 504Adobe PDF Document. Please mail completed forms to Property Appraiser's Office, Personal Property Section, 301 N. Olive Ave., 5th Floor, West Palm Beach, FL 33401.

Q. What can I do if I disagree with my assessment?
A. Please feel free to call our office at ( 561) 355-2896 to discuss your assessment or exempt status.