When will the 10% cap be effective?
This cap becomes effective for the 2009 tax roll.
Will I have to apply for this?
No, this will automatically be applied to your property.
Can I get this on my homesteaded property?
No, this assessment cap is for all “non-homesteaded” properties. Homesteads
already benefit from a smaller 3% assessment cap.
What does “non-homesteaded property” mean?
All properties other than those receiving a homestead exemption; such as 2nd homes, vacation homes, vacant land, commercial and rental properties.
Will the 10% cap reduce my taxes?
The 10% cap will only ensure your 2009 assessed value does not increase more then
10% from your 2008 certified assessed value. We cannot say if this will reduce
your taxes due to such other factors as millage rates and non-ad valorem
assessments.
Does this mean my assessment will go up 10% each year?
The 10% cap is simply the maximum amount your assessment can increase in any
given year.
Is the 10% cap applied to all millage rates?
No. The 10% cap will apply to all mileages except for school board millage.
If I purchase a property that has received the benefit of this
10% cap, will my assessment be the same as the prior owner’s
assessment?
Most likely not. The law allows for the property to be reassessed at full market value
when the property changes ownership or control.
What if there is a change of ownership or control that isn’t recorded in the
form of a deed, does this trigger a reassessment?
Yes. Section 193.1556 Florida Statutes, provides that any person or entity that owns
property, which is being assessed under the 10% cap provision, “must notify the
property appraiser promptly of any change of ownership or control as defined in ss.
193.1554(5) and 193.1555(5).” Failure to do so subjects the property owner to a
lien of the back tax plus 15% interest per annum and a penalty of 50% of the taxes
avoided.
What is a TRIM Notice?
In 1980, the legislature passed the "Truth-in-Millage" (TRIM) act. This law is designed to inform taxpayers which governmental entity is responsible for the taxes levied and the amount of tax liability owed to each taxing entity. The Notice of Proposed Property Taxes is known as the TRIM notice.
Will I see a decrease in the market value of my home due to the slowdown in the housing market?
Yes, for various property types. The Florida Constitution requires our office to assess
property based on its market value as of January 1 of each year, so the 2008 property
value is based on sales of comparable properties that occurred during 2007
and what the market represented for that twelve month period. A simple definition
of market value is the typical price a willing buyer would pay to a willing seller.
My market value came down, but my assessed value went up. Explain that to me?
This office is responsible for the market value and the drop reflects the declining
market sales in your area. The increase in the assessed value is a result
of a requirement of
Florida Statue (FS193.155)
which states that Homestead property shall be reassessed annually on January 1.
Any change resulting from such reassessment shall not exceed the lower of the following:
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3% of assessed value of the property for the prior year; or
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The percentage change in the consumer price index (CPI) for the preceding calendar
year as reported by the United States Department of Labor.
This office has no control over the 3% increase. In fact, a bill put before the legislature this year to
remove the requirement of a 3% increase in the assessed value
did not pass.
We can only suggest that anyone who questions the reasoning behind it should contact
their representative in the legislature. If you are unsure of who that is,
you can find out by visiting the
Florida Senate web site.
What is the difference between market value and selling price?
The actual selling price for a property is a unique number that represents the distinctive
negotiations of buyer and seller. The selling price may or may not be equitable.
The Property Appraiser is responsible for arriving at a market value
on January 1 of each year. In doing so we must consider the selling prices of comparable properties. The Property Appraiser’s market value conclusions
must be equitable and based on
typical market transactions.
What effect does House Bill 743 (Mortgage Fraud) have on my Property Assessment?
What is Portability?
Portability provides for the transfer of accumulated
Save-Our-Homes benefit (up to $500,000) to a new homestead within one year and not more than two years of relinquishing the previous homestead. If filing for a new homestead exemption for the current
year, the previous
homestead must have been relinquished in the prior year.
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Transferred benefit may not exceed $500,000
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Transferred benefit % depends on just value of new home purchased
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Applies to all tax levies
Do I need to apply for portability?
Yes, you should apply for portability at the same time you file
for your new homestead exemption. Click
here to open
application.
How much of my Save our Homes benefit can I transfer?
We have added a calculator to our website to estimate your transferrable benefit.
Use the following steps to access the calculator.
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Click on the Property Search tab at the top of this page.
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Type in the owner name of the property and click Search Records button.
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Click on the parcel id of the property. This will open the parcel detail page.
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Finally, click on the calculator icon in the upper right corner of the page.
What is Tangible Personal Property?
Tangible Personal Property is everything other than real estate that has value by
itself. It includes furniture, fixtures, tools, machinery, household appliances,
signs, equipment, leasehold improvements, supplies, leased equipment, and any other
equipment used in a business or to earn income.
Who is Required to file a Tangible Personal Property Tax Return?
Every new business must file an initial tangible personal property tax return by
April 1st of the year after the business opens. The initial return is required if
the business owns or leases any personal property, without regard to the value of
that personal property.
I have multiple sites, do I need to file multiple forms?
One form
DR-405 return is required for each location where an owner of tangible
personal property transacts business within the county. A
separate form
DR-405
return
is required for all freestanding property at sites other than where the
owner of tangible personal property transacts business. A $25,000 exemption would
apply to each return.
What are the definitions for sites and freestanding property?
The “site where the owner of tangible personal property transacts business” includes
facilities where the business ships or receives goods, employees of the business are
located, goods or equipment of the business are stored, goods or services of the
business are produced, manufactured or developed, or similar facilities located in
offices, stores, warehouses, plants or other locations of the business. Not considered
a “site where the owner of tangible personal property transacts business” are sites
where freestanding property, placed at multiple sites in a county, is located. Such
freestanding property includes vending and amusement machines, LP/propane tanks,
utility and cable company property, billboards, leased equipment, and similar
property not customarily located in the offices, stores, or plants of the owner.
I am no longer in business, should I still file the return?
If you were not in business on January 1st, follow this procedure:
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On your return, indicate the date you went out of business and the manner in which
you disposed of your business assets. Remember, if you still have assets you must
report them.
-
Sign and date the return.
- Mail the return back to this office.
- If you sold the business, please provide the name and contact information of the
buyer.
- If some items were disposed prior to sale, please indicate which items were disposed
and which were included in the sale.
What if I have old equipment that has been fully depreciated and written off the
books?
Whether fully depreciated on your accounting records or not, all property still
in use or in your possession should be reported.
Do I have to report assets that I lease, loan, rent, borrow or are provided in the
rent?
Yes, list this equipment on the first page, Schedule 1. Even though the assets are
assessed to the owner, they must be listed for information purposes.
Is there a minimum value that I do not have to report?
No, there is no minimum value. The initial return described on the previous page
must be filed by April 1st of the year after you start your business. Unless your
filing requirement is waived, you must show all prior year additions on your return,
without regard to cost.
Who is responsible for the taxes if I buy or sell an existing business during the
year?
Tangible personal property taxes will be billed to the owner of record. Therefore,
when the owner of record changes, the buyer becomes responsible for payment of the
taxes. Most title companies do not do a title search of the assets of a business.
You should, therefore, consult your real estate agent, attorney, or closing agent
to avoid problems in this area.
What is the Tangible Personal Property Exemption?
Authorizes an exemption from property taxes of $25,000 of assessed value of tangible
personal property.
Is a Mobile Home considered Real or Tangible Personal Property?
If you own both the land and the mobile home, (permanently set up), the mobile home
is considered real property. If you do not own the land but do own the mobile home
you are required to purchase a sticker/decal for your mobile home. Any attachments
(air conditioning, skirting, aluminum rooms, carports, etc.) to the mobile home
are personal property. If no decal is purchased for the mobile home, both the mobile
home and the attachments are considered personal property and will be taxed as such.
How does the Tangible Personal Property exemption affect Mobile Homes?
The exemption applies to mobile home attachments and appurtenances assessed as
tangible personal property. The exemption does not apply to mobile homes assessed as tangible personal property.
Do I need to apply for the Tangible Personal Property Exemption?
Yes, to qualify every owner/business must file an initial tangible personal property
return by April 1. The filing of Form
DR-405 is considered an application for the $25,000 exemption.
Where can I find the depreciation schedules?
Depreciation schedules are posted on our website and will give you a breakdown by
type of equipment, and depreciation by age of equipment.
How can I file for an extension?
Complete an
extension request form or submit a letter from the business requesting an extension. The letter should include, the business name, TPP account number, and owner or
requestor signature. Extension requests should be filed no later than 5:00pm April
1st and can be e-mailed to the
Tangible Department,
faxed to 863-534-4789, or mailed. Extensions granted receive an additional
30 days (45 day extensions are approved at the discretion of the office).
Florida Statutes provide late file penalties be applied at 5% per month,
not to exceed 25%. A 15% penalty is applied for unreported property. A 25% penalty is applied if no return is filed.
What to report on TPP returns?
- Tangible Personal Property- Include all goods, chattels, and other articles of value
(but not certain vehicles) capable of manual possession and whose chief value is
intrinsic to the article itself. More specifically, all furniture, fixtures, equipment
and supplies used in your business or rental property.
- Items of inventory held for lease to customers in the ordinary course of business,
rather than for sale, shall be deemed inventory only prior to the initial lease
of such items and MUST be reported after their initial lease or rental as equipment
and/or furniture or fixtures.
- ALL FULLY DEPRECIATED OR EXPENSED ASSETS MUST BE REPORTED AT TOTAL ORIGINAL COST.
DO NOT INCLUDE:
- Intangible Personal Property-that is, money, all evidence of debt owned to the taxpayer,
all evidence of ownership in a corporation, etc
- Household Goods such as wearing apparel, appliance, furniture, and other times ordinarily
found in the home and used for the comfort of the owner and his family,
and not used for commercial purposes. (EXCEPTION: Hotel, Motel, Apartments
& Rental Units).
- Automobiles, Trucks, and other Licensed Vehicles- These are not taxable as personal
property. (EXCEPTION: The equipment, on certain vehicles, is taxable as personal
property and must be reported. Examples include power cranes , air compressors,
and other equipment designed as a tool rather than primarily as a hauling vehicle)d
for commercial purposes. (EXCEPTION: Hotel, Motel, Apartments & Rental Units)
- Inventory- Those chattels consisting of items commonly referred to as goods, wares
and merchandise which are held for sale or lease to customers in the ordinary course
of business.
What value is given to Personal Property?
All property located in this county as of January 1st must be reported at 100% of
the total original cost. Include transportation, handling, sales tax, freight and
installation charges if incurred. Report the total cost of all assets.
Should Leasehold Improvements be reported?
Leasehold Improvements are improvements, made to a building or property, by a tenant.
The tenant holds ownership of the improvements as stipulated by the property’s lease contract. The improvements must be removed or the property must be restored to its pre-lease condition at the expiration of the lease.
The tenant/lessee,
as the owner of the improvements, must file on the leasehold improvements as tangible personal property