Tangible personal property taxes are an ad valorem (based on value) tax on the furnishings, fixtures and equipment used in a business or rental property on January 1 of the tax year. Tangible personal property is normally assessed and taxed on the basis of information supplied on a tax return filled out by the owner of the property. A Tangible Personal Property Tax Return must be filed with the Sarasota County Property Appraiser between January 1st and April 1st of each year and the property values are subject to a $25,000 exemption. Failure to file or late filing of a tax return is subject to penalties and may forfeit the exemption.
The tangible personal property tax bill is issued to the owner of the property as of January 1 of the tax year assessed. The owner is responsible for the tax bill for that year. If the property is sold, any proration of taxes must be handled between the buyer and seller. If the property is disposed of prior to January 1st, the Property Appraiser must be notified in order to remove it from the tax roll. Failure to do so will result in a tax bill for the following year.