Personal Assets With Examples In Miami-Dade

Q: What is considered personal property in Florida?

Florida Statute defines TPP as all goods, chattels, and other articles of value (but does not include vehicular items) capable of manual possession and whose chief value is intrinsic to the article itself.

Category:

Leases - Contracts

State:

Multi-State

County:

Miami-Dade

Control #:

US-00123

Format:

Instant download

Description

The CONTRACT FOR THE LEASE OF PERSONAL PROPERTY is a formal agreement outlining the lease terms for personal assets between the Lessor and Lessee in Miami-Dade. This document specifies key features, such as the detailed description of the leased property in Exhibit 'A', the lease term that initiates upon signing and concludes with an associated Asset Purchase Agreement, and responsibilities for repairs which fall to the Lessee. It also governs critical aspects like assignment and subleasing rights, indemnification obligations of the Lessee, and the binding nature of agreements on heirs and assigns. The form includes guidelines for notifications, attorney's fees in the event of a breach, and maintains the entire agreement's integrity while adhering to the governing laws. This document is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in property transactions or asset management, providing them with a structured template to handle leasing agreements and ensuring compliance with necessary legal requirements.

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FAQ

Tangible personal property (TPP) is all goods, property other than real. estate, and other ar�cles of value that the owner can physically possess and that have intrinsic value. Inventory, household goods, and some vehicular items are excluded (see sec�on 192.001(11)(d), Florida Statutes (F.S.)).

This is an assessment for the equipment, furniture and fixtures used by all business and rental properties. Rental properties may include stoves, refrigerators, etc.

Florida Statute defines TPP as “all goods, chattels, and other articles of value (but does not include vehicular items) capable of manual possession and whose chief value is intrinsic to the article itself.”

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).

Tangible personal property is anything your business owns that is movable. This property can include office furniture and supplies, machinery, tools, and vehicles. Like real property, tangible personal property tax is assessed based on the presumed value of the assets.

In simplest terms, TPP is any item other than real estate that is used in a business, such as furniture, fixtures or machinery. The Florida Department of Revenue requires an annual tangible personal property tax return to be filed with the Property Appraiser for these items.

What is tangible personal property versus real property? Real property is real estate. Tangible personal property is located inside real property. So, your house, your driveway, your tool shed, your backyard garden — these are all considered real property.