Our Personal Property Appraisal and Analysis Department determines the fair market value of tangible property used in a business and administers exemptions.
Examples of tangible personal property used in a business are furniture, fixtures, machinery, equipment, appliances, tools, signs, supplies and leased equipment.
Q. How do I report my business equipment if its value exceeds $25,000?
A. Under Amendment One, effective January 1, 2008 , a business must file Form DR-405 by April 1 in each year that the value of its tangible personal property exceeds $25,000 on January 1. A completed return will serve as an application for the $25,000 personal property exemption. Failure to file as required will result in the loss of the exemption and assessment of penalties pursuant to law. Click here to download Form DR 405. Please mail completed forms to Property Appraiser's Office, Personal Property Section, 301 N. Olive Ave., 5th Floor, West Palm Beach, FL 33401
Q. What if my business equipment is leased?
A. List all leased, loaned or rented equipment and provide the name and address of the lessor in the appropriate section on Form DR-405.
Q. Do I file a return if the value of my business equipment is $25,000 or less?
A. Under Amendment One, you must file an initial return by April 1 to receive the $25,000 personal property exemption. The requirement to file an annual return in subsequent years will be waived unless the value of your tangible personal property exceeds $25,000 on January 1. If your tangible assets are valued at $25,000 or less, you may file Form DR -405EZ. Click here to download Form DR-405EZ. Please mail completed forms to Property Appraiser's Office, Personal Property Section, 301 N. Olive Ave. , 5th Floor, West Palm Beach , FL 33401 .
Q. How does an organization receive an Institutional Personal Property Tax Exemption?
A. Qualified organizations (Religious, Charitable, Scientific, Educational, etc) that own and use their personal property for exempt purposes must file Form DR-504, Ad Valorem Tax Exemption Application and Return, by March 1 each year. Click here to download Form DR- 504. Please mail completed forms to Property Appraiser's Office, Personal Property Section, 301 N. Olive Ave., 5th Floor, West Palm Beach, FL 33401.
Q. What can I do if I disagree with my assessment?
A. Please feel free to call our office at ( 561) 355-2896 to discuss your assessment or exempt status.
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