Business Owners - Tangible Personal Property

If you are a new business owner, Congratulations and Thank You for choosing Lake County in which to operate your business. If you are an existing business owner, I wish you continued success and hope you find Lake County a friendly place to conduct business.

The following information is provided to assist you with the understanding of your responsibilities as a business owner pertaining to the filing of a Tangible Personal Property Tax Return as set forth in Florida Statutes 192.011, 192.032, 193.052 and 193.074.


Filing Requirements and Deadline

Florida law requires that every person, firm, business, corporation, etc., owning, leasing, managing, having control or custody, direction or supervision of any tangible personal property in Lake County must file a Tangible Personal Property Tax Return (DR-405) with the Lake County Property Appraiser’s office between January 1 and April 1. April 1, is the filing deadline to avoid penalties.

Florida law classifies all furniture, fixtures, tools, equipment, machinery, signs and supplies utilized for commercial purposes as Tangible Personal Property subject to appraisal for ad-valorem taxation.

On January 29, 2008, Florida voters passed Amendment 1, which includes a $25,000 exemption for certain Tangible Personal Property. The Tangible Personal Property Tax Return will be considered your application for the exemption. Please be aware that failure to file this return constitutes a failure to apply for the exemption and the account will not be eligible for the exemption. If the value of your tangible personal property is less than $25,000, you are not required to file a return in subsequent years.

Click here for the Tangible Personal Property Tax Return (DR-405) Form


Failure to File

Please be aware that if a Tangible Personal Property Tax Return is not filed, a value will be assigned to your account which, in accordance with Section 194.034 (1) Florida Statute, may not be contested. In addition, a 25% penalty will be assessed against your account as required per Florida law.

Click here for the Tangible Personal Property Tax Return (DR-405) Form


Sale or Closure of a Business

If you cease doing business in Lake County, you must notify this office in writing. The non-renewal of your Business Tax Receipt does not automatically remove you from the Tangible Personal Property tax roll.

Click here for an Affidavit of Change in Tangible Personal Property


Additional Forms

Visit the FORMS section of this website for additional forms and information related to filing extension requests and mobile home ownership change.

Assistance

Our office will gladly provide assistance with completing your Tangible Personal Property Tax Return or with any questions or concerns you may have with regard to your Tangible Personal Property. Contact the Tangible Personal Property Department at (352) 253-2170 or 2171 or via e-mail at tpp@lcpafl.org.