In Florida, all businesses have to file their Tangible Personal Property Tax Returns (TPP Returns) with their county Property Appraiser before April 1st every year.
Keep in mind, if you are purchasing a new commercial business, the personal property taxes follow the equipment not the owner. So, if you are buying an existing business, you’ll need to make sure a tax search has been done. This is one of the reasons why it’s so important to get the assistance of a qualified commercial real estate broker with a CCIM (Certified Commercial Investment Member) designation when buying an existing business in Florida.
What Exactly Is Tangible Personal Property?
Tangible Personal Property refers to all of the tangible items used in a business. So, it doesn’t include the actual real property, but it does include tools, machinery, signs and furniture, for example. It also includes any equipment used in a business or used to earn money. It does not include an inventory of goods for sale though.
Who Must File A TPP Return In Florida?
Anyone who owns tangible property because of self-employment, a corporation, a proprietorship, a partnership, or contract work, must file a TPP return. Also, commercial property owners who lease tangible personal property have to file too.
Upscale, Comfortable Commercial Real Estate Office
The RE/MAX Keys Connection office is located in the Historic Heritage House in the heart of Old Town, conveniently located immediately nearby major downtown hotels. Our unique, cafe-style real estate office offers our valued clients a welcoming, upscale, professional environment. Enjoy complimentary beverages, free wi-fi, and a private conference room or expansive front porch, depending on the level of privacy you’re most comfortable with.
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Experienced Commercial Real Estate Brokerage Company
RE/MAX Keys Connection’s owner and broker Curtis Skomp is one of South Florida’s top commercial real estate brokers. With over two decades of experience and a CCIM (Certified Commercial Investment Member) designation, Curtis has brokered commercial real estate including industrial properties, shopping centers, strip malls, trailer parks, bars, restaurants, hotels and multi-unit apartment buildings. Unlike many brokers, Curtis isn’t intimidated by bank foreclosures either.
RE/MAX Keys Connection offers clients international exposure with local service. Our service area includes Key West, Big Pine Key, Marathon, Islamorada, Key Largo, and all of unincorporated Monroe County. Our office is fluent in Spanish, which is highly important when doing business in Southern Florida.