Blog & Media Releases

Tangible Tax Returns

by User Not Found | Feb 08, 2018



It’s that time of year again – time to file for your tangible tax return! If you operate a business or own rental property, you are subject to an ad valorem assessment. Commonly known as tangible taxes, these taxes are based on the value of the tangible assets used to generate income in a business or rental property. Some examples include:

  • Businesses – furnishings, fixtures, signs, supplies, tools and equipment used in the operation of business. Items owned, used or leased by a business are considered tangible personal property.
  • Rental Furnishings – furnishings and appliances provided in a rental unit.

These tangible assets are assessed on January 1 of each year by the Property Appraiser. To ensure the proper reporting and valuation of assets, the property owner must file a Tangible Personal Property Tax Return (DR-405) with the Property Appraiser each year before April 1. Failure or late filing of a return will result in a penalty and/or additional costs.

If you’re asking yourself, “How do I file a tangible personal property tax return?” the answer is simple: The DR-405 and filing options are available on the Property Appraisers website at www.leepa.org.

Don’t worry! The Lee County Tax Collector has your back! We will mail out notices on or before November 1.  Did you know that discounts are given for early payments? Below are the discount percentages depending on when you file:

  • November – 4% discount
  • December – 3% discount
  • January – 2% discount
  • February – 1% discount

 

There are alternative payment options available for current and delinquent tangible taxes. The payment options for current year tangible personal property taxes are:

  • Pay in Full – Pay in full between November 1 to March 31 at any one of our six locations or on our website.
  • Partial Payments – To make partial payment, you must complete the Partial Payment Plan Agreement form and submit with the first partial payment. Discounts are not allowed when making Partial Payments and an additional fee is due for each payment made.  Payments are allowed during the current tax year (November 1 – March 31).Installment Payment Plan – Tangible Personal Property taxes can be paid by the installment method if the prior year’s tangible tax b-ill is more than $100. To participate in the installment plan, you must submit an Installment Payment Plan Application for each account to the Tax Collector by April 30 of the tax year.

If the delinquent taxes cannot be made in one payment and the amount due is at least $40.00, a payment plan may be available. If you are delinquent on your tangible personal property taxes and would like more information about a payment plan, contact delqtpp@leetc.com or the application can be found at www.leetc.com/taxes/delinquent-taxes.com.