What is a Dr. 405 in Florida?

Section 193.052, Florida Statutes, requires that all Tangible Personal Property be reported each year to the Property Appraiser's Office. The Tangible Personal Property Tax Return (DR-405) is the application for the exemption of up to $25,000 for tangible personal property.

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Personal Property Statement With No Intrinsic Value Called In Florida

Q: What is the tangible personal property clause?

(1) Tangible personal property means articles of personal or household use or ornament, including, but not limited to, furniture, furnishings, automobiles, boats, and jewelry, as well as precious metals in any tangible form, such as bullion or coins and articles held for investment purposes.

Category:

Leases - Contracts

State:

Multi-State

Control #:

US-00123

Format:

Instant download

Description

The Personal property statement with no intrinsic value called in Florida is a legal form designed to document personal property that holds no significant monetary value. This form is particularly useful for property owners who need to declare their personal belongings for various legal purposes while clarifying that they are not subject to taxation or other implications. Users must fill out the provided templates accurately, ensuring that all required fields, such as property descriptions and ownership details, are completed. The form's main audience includes attorneys, partners, owners, associates, paralegals, and legal assistants, who may utilize it in estate planning, asset management, or during legal disputes involving minor property claims. It is crucial for users to follow all editing and submission guidelines to ensure compliance with Florida law, as the document serves as a formal acknowledgment of the property’s status. Additionally, this form helps clarify property ownership, especially in cases of liquidation or asset transfer, ensuring both clarity and legal protection for the parties involved.

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FAQ

Intangible property is property that does not have a physical existence or that may not be felt, weighed or relocated or (for other reasons) is not considered to be tangible property.

5 steps to fill out a business personal property rendition quickly and accurately Review your property tax accounts. Take stock of your assets. Select the appropriate business personal property rendition forms. Prepare the personal property renditions. File your business personal property rendition packages.

Examples of intangible personal property are copyrights, patents, intellectual property, and investments. Assets that can be represented with social or reputational capital also qualify as intangible personal property.

Tangible personal property includes equipment, supplies, and any other property (including information technology systems) other than that is defined as an intangible property. It does not include copyrights, patents, and other intellectual property that is generated or developed (rather than acquired) under an award.

Tangible personal property (TPP) is everything other than real estate that is used in a business or rental property. Examples of tangible personal property are computers, furniture, tools, machinery, signs, equipment, leasehold improvements, supplies, and leased equipment.

Each TPP tax return is eligible for an exemption up to $25,000 of assessed value. If the property appraiser has determined that the property has separate and distinct owners and each files a return, each may receive a $25,000 exemption.

Section 193.052, Florida Statutes, requires that all Tangible Personal Property be reported each year to the Property Appraiser's Office. The Tangible Personal Property Tax Return (DR-405) is the application for the exemption of up to $25,000 for tangible personal property.

Florida Tangible Personal Property Tax Tangible Personal Property Tax is an ad valorem tax assessed against the furniture, fixtures and equipment located in businesses and rental property. Ad valorem is a Latin phrase meaning “ing to worth”.

(1) “Tangible personal property” means articles of personal or household use or ornament, including, but not limited to, furniture, furnishings, automobiles, boats, and jewelry, as well as precious metals in any tangible form, such as bullion or coins and articles held for investment purposes.