Own a Business or Rental Property in Hillsborough County?
Know About This $25,000 Exemption...
Your business furniture and equipment may come with a tax reporting requirement—and an exemption worth knowing about.
I recently attended an educational event with Hillsborough County Property Appraiser Bob “Coach” Henriquez. Here are the key takeaways for local business owners and real estate investors.
What Is Tangible Personal Property?
Tangible Personal Property (TPP) refers to physical assets used to operate a business or generate income, separate from the real estate itself. Examples include furniture, computers, tools, machinery, signs and equipment.
Reporting requirements can apply to corporations, partnerships, independent contractors, home-based businesses and owners who rent out equipment or provide furnishings in rental properties. Learn more from the Hillsborough County Property Appraiser.
The Good News: An Exemption of Up to $25,000
Filing a return does not automatically mean you will owe taxes. Eligible taxpayers can receive an exemption covering up to $25,000 of assessed TPP value—not $25,000 off their tax bill.
An initial, timely return is required to apply. Afterward, accounts with assessed values of $25,000 or less may qualify for a waiver of annual filing. Confirm your account’s status before skipping a return. Florida Department of Revenue.
Important Dates and Forms
- April 1: Standard filing deadline. Florida’s form is DR-405; Hillsborough uses the local HC-405 version.
- August: Review your TRIM Notice, which shows proposed values and taxes. It is not a bill.
- Appeals: If you disagree with the assessment, contact the Property Appraiser promptly. A petition to the Value Adjustment Board generally must be filed within 25 days of the TRIM Notice’s mailing date. Check the deadline printed on your notice. Hillsborough’s Important Dates.
Stay Informed and Plan Ahead
Ask your accountant or the Hillsborough County Property Appraiser how these requirements apply to you. Share this article with a business owner or investor who could benefit.
Thinking about buying, selling or investing in Tampa Bay real estate? Let’s discuss your goals.
Esperanza Arias Prada
Bilingual Realtor® | Rivera & Associates Realty
813-520-0374 |
www.ariasprada.realtor
For educational purposes only. Consult your accountant or the Property Appraiser for guidance specific to your situation.
