Are you leaving money on the table?

Tangible Personal Property (TPP) is everything used in a business other than real estate. This includes, but is not limited to:

• Machinery and equipment
• Furniture and fixtures
• Computers and office equipment
• Leasehold improvements (non-structural)
• Signs
• Supplies and tools
• Leased, loaned, rented, or borrowed equipment

Every person, firm, corporation, etc., owning, leasing, managing, having control or custody, direction or supervision of any tangible personal property in Lake County, is required to as of January 1 must file a TPP return. This requirement applies even if:

• The business is no longer operating, but assets remain
• The equipment is fully depreciated
• The assets are leased or temporarily idle

TPP returns are due April 1 each year. Filing after the deadline may result in statutory penalties.

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 Statutes, may not be contested. Additionally, a 25% penalty will be applied as required by Florida law.

Penalties: Penalties may be applied for failing to file, filing late, or submitting an incorrect Tangible Personal Property return.

• Failure to file: 25% penalty
• Late filing: 5% penalty per month, up to 25%
• Improper filing: 15% of the corrected value
• Failure to file a return or otherwise properly report property for taxation does not exempt the taxpayer from the obligation to pay all taxes assessed on the property.

Yes. When filed accurately and timely (by April 1 ), you may qualify for an exemption of up to $25,000.

Lake County no longer issues Business Tax Receipts (BTRs) as of October 2020. If needing additional information or a confirmation letter, please reach out to the Lake County Attorney’s Office at 352-343-9787. Certain municipalities still require and issue BTRs. Please contact the city in which your business is located to determine local requirements.

Contractor registration information and applications can be found through the Building Services Department.