Tangible Personal Property Exemptions
This is an assessment for the equipment, furniture and fixtures used by all business and rental properties. Rental properties may include stoves, refrigerators, etc.
The Tangible Personal Property Return shall be considered an application for the exemption and will be applied to the first $25,000 in value for the tangible personal property.
All property is assessed as of Jan. 1 of the assessment year therefore all sales of assets and closures of businesses after Jan. 1 are still required to pay the property taxes for the year. Taxes are not prorated. A final tangible tax return must be filed for the following year denoting the disposition of the assets and as of what date that change occurred.
All property returns are due April 1st.
Entities owning or controlling business or investment property, with assets exceeding $25,000.00, must file a tangible personal property tax return, annually by April 1st, as required by Florida Statutes (Chapter 193).
This return must reflect all tangible assets such as furniture, computers, and equipment for each location in Miami-Dade County.
Any returns mailed to the Property Appraisal's office, in order to be considered timely and avoid penalties, must be dated by the USPS no later than April 1st, or the next business day should April 1st fall on a weekend or legal holiday.
No taxpayer may contest an assessment until a tangible tax return is filed
Original signatures are required therefore faxed returns are not accepted
Your Tangible Personal Property Return returns request must include:
Tangible Personal Property folio number
Name of the Taxable entity and the property address.
Please mail to:
MIAMI-DADE COUNTY PROPERTY APPRAISER
TANGIBLE PERSONAL PROPERTY EXTENSION SECTION
PO BOX 45-4400
MIAMI, FL 33245-4400
A taxpayer may be waived from filing the Tangible Personal Property Tax Return (DR-405) if:
The prior year value was less than $25,000
The current value remains less than $25,000 (i.e. no new purchases over the past year).
The DR-405 waiver does not apply (i.e. a return must be filed) if:
It is a new business.
The prior year value was greater than $25,000.
The current year value is greater than $25,000.
It is for owners of freestanding* property at multiple sites, other than sites where the owner transacts business.
*Freestanding property is property placed at multiple sites and includes such property as vending equipment and amusement machines, leased equipment, LP/propane tanks, utility and cable company property.
If you are uncertain as to whether you qualify for the waiver or not, it is recommended that you file the DR-405 to avoid possible penalties and fines. Filing a compliant DR-405 insures that you are eligible for an exemption from ad valorem taxation of up to $25,000 of assessed value.
If in any year, as of January 1st, the value of your tangible personal property exceeds $25,000, and you fail to file a DR-405 with the Miami-Dade County Property Appraiser, you may incur penalties up to 25% of the total tax levied, calculated without the benefit of the $25,000 exemption. In addition, any taxpayer claiming more exemptions than legally allowed is subject to taxes due on the improperly exempted portion of the assessment, penalized at 50% plus an additional 15% per annum due from the year the exemption was applied.
Institutional Ad Valorem Exemption for Tangible Personal Property
Should your organization meet the qualifications for an exemption, an application along with all supporting documentation must be filed with our office by March 1.
Mail or drop off application at the following location:
Government Center (downtown Miami)
Please call 786-331-5376 for Tangible Personal Property assistance.