Tangible Personal Property
Tangible Personal Property is everything used in business and other income generating occupations other than the real estate. Often known as business personal property, it includes: machinery, equipment, furniture, fixtures, tractors, signs, supplies, and leased, loaned, borrowed, or rented equipment. However, inventory items, held for sale, are not returned.
Tangible Personal Property also applies to mobile home attachments on rented land (such as cabanas, carports and utility rooms). It also applies to furnishings and chattels used in connection with rental property, such as apartments, duplexes, or single-family homes.
Every person, firm, corporation, etc., owning, leasing, managing, having control or custody, direction or supervision of any tangible personal property in Putnam County is required to file an initial return.
All Tangible Personal Property accounts (except non-tagged mobile homes) are eligible to receive up to a $25,000 exemption. In January 2008, with the passing of Amendment 1, a $25,000 Tangible Personal Property exemption was created. In order to receive the exemption a Tangible Personal Property Return (DR-405) must first be timely filed. Beginning in 2009, accounts with a zero taxable value due to the exemption, will no longer be required to file a Tangible Personal Property return. However, if at any time equipment is purchased which causes the business equipment value to exceed $25,000, a Tangible Personal Property return in required to be filed.
For all accounts assessed over $25,000, failure to timely file will result in the loss of the exemption and up to a 25% penalty.
Tangible Personal Property Forms