TANGIBLE PERSONAL PROPERTY TAX RETURN

GENERAL INSTRUCTIONS

Complete this Personal Property Tax Return in accordance with the instructions provided herein as your declaration of personal property situated in this county. If any schedule has insufficient space, attached a separate sheet.

WHAT TO REPORT ON THIS RETURN:

1. 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.

2. 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 or furniture and fixtures.

3. PROPERTY FULLY DEPRECIATED BUT CONTINUING IN SERVICE MUST STILL BE REPORTED AT ORIGINAL INSTALLED COST.

4. Property personally owned, but used in the business must be reported.

DO NOT INCLUDE

1. Intangible Personal Property – that is, money, all evidences of debt owed to the taxpayer, all evidence of ownership in a corporation, etc.

2. Household Goods such as wearing apparel, appliances, furniture, and other items ordinarily found in the home and used for the comfort of the owner and his family, and not used for commercial purposes.

3. Automobiles, Trucks, and Other Licensed Vehicles – These are not taxable as personal property. (EXECPTION: Certain vehicles, and the equipment on them, are taxable as personal property and must be reported. Example – truck cranes, air compressors, and other equipment designed as a tool rather than primarily as a hauling vehicle.)

4. 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.

VALUATION OF PERSONAL PROPERTY:

All property located in this county as of January 1 must be reported at 100% of the original installed cost. Include sales tax, transportation, handling, and installation charges, if incurred. Report the total installed cost of all assets.

ADJUSTMENTS TO VALUES – TAXPAYER’S ESTIMATE OF FAIR MARKET VALUE:

Enter only UNADJUSTED figures in areas calling for Original Installed Cost, however Florida law provides that the taxpayer shall also provide an estimate of the current fair market value of the property. An adjustment is a variation from purchase price paid. Adjusted figures MUST be explained on an attached supplemental schedule. Such schedules are considered part of the return.

LOCATION OF PERSONAL PROPERTY:

With the exception noted in the following paragraph, a SEPARATE personal property return must be filed for each location in the county. Additional forms will be mailed on request; contact your county property appraiser’s office.

Owners of vending machines, LP/Propane tanks and similar property at many locations may submit a single schedule listing all locations in lieu of individual property statements.

SPECIFIC INSTRUCTIONS

1. In the appropriate schedule, list the original installed cost for assets of your business. Assets in each schedule must be grouped by year of acquisition.

The figure you enter as "original installed cost" must include the total cost of your equipment, before any allowances for depreciation. Include sales tax, freight-in, handling, and installation costs. If a trade-in was deducted from the invoice price, enter the invoice price.

Add back investment credits taken for federal income tax purposes if those were deducted from the original cost. INCLUDE ALL FULLY DEPRECIATED ITEMS STILL IN SERVICE AT ORIGINAL INSTALLED COST.

2. If you own equipment that is out on a loan, rental or lease basis to others, report it on the appropriate schedule and enter the totals on Line 22.

3. List each item of tangible personal property separately in the appropriate schedule except for "classes" of personal property. A class is defined as items which are SUBSTANTIALLY similar in function, use and age. Do not use the terms "VARIOUS" or "SAME AS LAST YEAR." This is inadequate reporting and may subject you to penalties for FAILURE TO FILE.

4. List all items of furniture and fixtures, all machinery and equipment, supplies, and certain types of equipment attached to mobile homes.

5. For each item, report your estimate of the current fair market value of the property and your estimate of the condition of that item (Good, Average, Poor).

6. All expensed items must be entered at original installed cost.

ASSETS PHYSICALLY REMOVED

If items listed on prior returns were removed during the past year, complete the schedule showing the asset’s description, age, year acquired, original cost, and reason for removal - replaced, discarded, trade-in, etc. Property fully depreciated, but still in use has not been physically removed and must be reported on the appropriate schedule.

Leased, Loaned, and Rented Equipment:

If you borrow, rent or lease equipment from others, complete the schedule by entering the name and address of the owner or lessor and a description of the equipment: year you acquired it, year of manufacture, if known; the rent per month, and the amount it would cost if you purchased the equipment new.

Line 14 – Farm, Grove, and Dairy Equipment:

List all types of agricultural equipment you owned as of January 1. Describe property by type, manufacturer, model number, and year acquired. The following is a partial list of the types of equipment which are to be reported: bulldozers, draglines, mowers, balers, tractors, all types of dairy equipment, pumps, irrigation pipe - show feet of main line and sprinklers, hand and power sprayers, heaters, discs, fertilizer distributors, etc.

Line 16-16A – Hotel, Motel, Apartment & Rental Units:

List all contents, i.e., furniture, appliances and softwares used in rental or other commercial property. Both residents and non-residents must report if house, condo, apartment, etc. is available for rent at any time during the year.

Note: Charlotte County does not require owners of mobile homes on rented land to file a tangible personal property tax return.

Line 17 – Mobile Home Attachments:

For each of the following types of mobile home attachments, enter the number of items of that type which you owned as of January 1, the year of purchase, the size (length x width), and the original installed cost:

Awning, Carport, Patio Roof, Trailer Cover, Screened Porch or Room, Cabana, Open Porch, Utility Room, etc.

Line 20 – Leasehold Improvements - i.e., Physical Modifications to Leased Property:

IMPORTANT: ATTACH ITEMIZED LIST OR DEPRECIATION SCHEDULE SHOWING INVENTORY OF INDIVIDUAL IMPROVEMENTS.

If you have made any improvements (including modifications and additions) to property which you lease, list the original installed cost of the improvements. Improvements must be grouped by type and year of installation. Leasehold improvements include Carpeting, Paneling, Shelving, Cabinets, etc.

Line 23 – Supplies

Enter the average cost of supplies that are on hand, including expensed supplies, such as stationery and janitorial supplies, linens, silverware, etc. which may not have been recorded separately on your books. Include items which you carry in your inventory account but which do NOT come within the definition of "inventory" subject to exemption.

INFORMATION REGARDING THE TAX LAWS OF FLORIDA

§192.042, Florida Statutes – DATE OF ASSESSMENT – Tangible Personal Property on January 1.

§193.062, Florida Statutes – DATES FOR FILING RETURNS – Tangible Personal Property on April 1.

§193.072, Florida Statutes – PENALTIES – For failure to file a return, 25% of the total tax levied against the property for each year that no return is filed; for filing after the due date, 5% of the total tax levied against the property covered by that return for each year, for each month, or portion thereof, that a return is filed after the due date, but not to exceed 25% of the total tax; for unlisted property, 15% of the tax attributable to the omitted property.

§196.021, Florida Statutes – TAX RETURNS TO SHOW ALL EXEMPTIONS AND CLAIMS – It is the duty of the taxpayer to set forth any legal exemption from taxation to which he may be entitled. The failure to do so shall result in any such exemption being disallowed for that tax year.

§837.06, Florida Statutes – FALSE STATEMENTS -- Whoever knowingly makes a false statement in writing with the intent to mislead a public servant in the performance of his official duty shall be guilty of a misdemeanor in the second degree, punishable as provided in §755.082, §755.083, or §775.084.

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