Procedures for Obtaining the New $25,000 Tangible Property Exemption

As a result of voter changes to the Florida Constitution, a $25,000 exemption is granted to owners of tangible personal property. To qualify for the exemption, a 2008 Tangible Property Tax Return must be filed with the county property appraiser's office by April 1, 2008. The newly issued Form DR-405EZ may be filed in certain cases.

Form DR-405EZ was released by the FL Department of Revenue on 02/07/08. According to the DOR, the filing of Form DR-405 or DR-405EZ will be considered an application for the $25,000 exemption. Property appraisers have the option to use the DR-405EZ, and they retain the option to require that the DR-405 be filed. The Form DR-405EZ requires no detail, just a signature attesting to the fact that (1) no tangible personal property has been added since January 1, 2007, and (2) the value of the tangible personal property was $25,000 or less on January 1, 2008. If a taxpayer qualifies to file the DR-405EZ, but files the DR-405 instead, the filing requirement will be satisfied.

Any taxpayer who purchased tangible personal property since January 1, 2007 must file the DR-405 and may not use the DR-405EZ. Some Miami-Dade county taxpayers, whose tangible property assessed values did not exceed $25,000 for 2007, have received a letter from the county's property appraisal office informing them that they might qualify to file the DR-405EZ in Miami-Dade County. Therefore, it appears as though Miami-Dade County has decided that the DR-405EZ may be filed instead of the DR-405.