The Property Appraiser’s office is required to determine the value of all real property (real estate) and tangible personal property (e.g. business equipment, rental furnishings) as of January 1 of each year.
Tangible Personal Property: Tangible personal property consists of assets used in a business, such as furniture, fixtures, machinery, tools, equipment, appliances, signs, supplies and leased equipment. We assess your tangible personal property by taking into consideration the original cost of the property and its age and condition. When you start your business, you must file an initial Tangible Personal Property Tax Return listing your assets, by April 1 and then refile each year. For more information on how to file, click here.
Frequently Asked Questions:
I am a business owner in Palm Beach County, how do I file a Tangible Personal Property Tax Return?
Answer: All businesses are required to file a Tangible Personal Property Tax Return (Form DR 405) annually by April 1st (Florida Statutes 193.062), unless the value of your tangible personal property last year was under $25,000 and you received notice from our office that your requirement to file has been waived. For existing accounts that have filed a Tangible Personal Property Tax Return in the past, E-Filing is the best way for business owners in Palm Beach County to file. It’s timely, secure and efficient. Click here to learn more about E-filing.
How did you come up with the value?
Answer: When a business sends in a Tangible Personal Property Tax Return to our office, we enter information on all assets reported into our system: year acquired, condition, original cost. This produces a value for each asset, the total of which is the business’s assessment for that tax year. If no return is filed, Florida statute requires that our office make an estimate based on similar businesses in the County.