What does "rental property with assets" mean in trying to determine whether or not I need to prepare a Florida Tangible Property Tax Return (DR-405)?

[erica-bourne]

I own rental property in FL, but I live in another state. TurboTax qualifications for preparing a Florida Tangible Property Tax Return is 1) having rental property with assets and 2) the assets are located in Florida. What does "with assets" mean?

[Anonymous_]

If you have an unfurnished rental, you need not be overly concerned with "assets" used in connection with that rental since, at most, assets would include free-standing kitchen appliances, window treatments, and hot water heaters.

You should check your county property appraisers web site for further information as the rules for counties vary slightly (as well as the manner and method of reporting).

https://floridarevenue.com/property/Pages/LocalOfficials.aspx

[Carl]

If you provide a furnished rental unit, then you have to pay the state of FL a "tangible property tax" based on the value of that furniture. You do that with the DR-405. Otherwise if it's unfurnished, you don't need concern yourself with the DR-405.

[Anonymous_]

You actually do not pay anything with Form DR-405.

Form DR-405 is used to report tangible personal property subject to property tax assessment by your county property tax appraiser. To the extent a tax is levied, it is a property tax that is essentially due and payable on the same time schedule as real property tax and it is payable to the county, not the State of Florida.

When Form DR-405 is filed, the property owner is granted an exemption from taxation of the first $25,000 in valuation. Thereafter, if the property value does not exceed $25,000 a subsequent DR-405 is not required to be filed.

Note that Form DR-405 is due on or before April 1st of each year with the property reported thereon valued as of January 1st of the same year.