Tangible Personal Property Tax Return: Apopka County Online Filing

Tangible Personal Property Tax Return Online filing streamlines fiscal responsibilities for local entrepreneurs. Apopka County tangible personal property tax filing involves reporting physical assets such as computers, furniture, and machinery. Utilizing the online personal property tax return Apopka County platform secures your standing with local authorities. Every tangible property tax submission Apopka County requires specific details about acquisition costs and dates. Apopka County business property tax filing applies to all commercial ventures, such as home-based setups. Accessing the online property tax form Apopka County hosts helps you meet the April 1 deadline. Making an Apopka County personal property tax payment becomes straightforward when your data is organized. You can file tangible property tax online Apopka County to avoid mailing delays. This Apopka County tangible property return submission confirms your business equipment values for the current year. Your business asset tax return Apopka County stays on record for future audits. Finalizing the Apopka County online tax declaration early keeps your business compliant. Proper tangible property tax reporting Apopka County benefits local infrastructure through fair funding.

Tangible Personal Property Tax Return Online filing helps business owners secure the $25,000 exemption through timely reporting. Apopka County personal property assessment filing determines the final value of your commercial belongings. You must submit tangible property tax return Apopka County documentation to the property appraiser annually. The Apopka County online tax filing portal simplifies this requirement. Filing a property tax return for businesses Apopka County requires listing every piece of equipment used in operations. Your Apopka County personal property tax form submission influences your total tax bill. Completing an online tangible property tax payment Apopka County saves time compared to physical checks. Apopka County business asset tax filing keeps your company in good standing with the state. Keeping precise personal property tax records Apopka County makes future filings faster. Reviewing Apopka County tangible property tax data helps you understand local assessment trends. This system makes sure every business pays a fair share based on actual asset worth. Missing the deadline leads to financial penalties that impact your bottom line. Use these systems to maintain your business assets effectively.

Tangible Personal Property Tax Return Online filing in Apopka County

Tangible Personal Property Tax Return Online filing is a requirement for anyone owning a business or leasing equipment in Apopka. This tax applies to all goods, chattels, and other objects of value capable of manual delivery. Unlike real estate, these items move or wear out over time. Every person or entity owning such property must file a return by April 1 each year. The Apopka County tangible personal property tax filing system tracks these assets to fund local services. Schools, roads, and fire departments rely on this revenue to operate. If you use equipment to earn an income, you likely owe this tax. Even small home offices must report their business-related items. The law requires a new filing every year even if your assets do not change. This ensures the county has the most current data for your business location. Using the online portal makes this task much faster than paper forms.

Who Is Required to File Tangible Personal Property Tax

Apopka County business property tax filing is mandatory for all proprietors. This includes sole owners, partnerships, and large corporations. If you have a business tax receipt, you must file a TPP return. Rental property owners who provide furniture for tenants also fall under this rule. Even if you believe your assets are worth less than $25,000, you must file the initial return. This filing acts as your application for the state-mandated exemption. Once you file the first time, you may receive a waiver for future years if your asset value stays low. However, any new business opening in Apopka must complete this step immediately. Failure to identify yourself to the property appraiser does not remove the tax debt. The county uses records from the state to find unregistered businesses. It is better to file voluntarily than to face an audit later.

Examples of Taxable Tangible Property and Equipment

Understanding what to include in your Apopka County tangible property return submission is vital. The list covers almost everything used to run your company that is not real estate. Physical items used for business purposes must appear on your return. Below is a table showing common taxable items found in local businesses.

Signs and leasehold improvements also count as tangible property. If you paid for flooring or lighting in a rented space, these are taxable. Supplies like stationery or cleaning chemicals are generally not included unless held in massive quantities. Focus on items that have a lifespan of more than one year. Accurate reporting prevents overpayment on items that no longer exist in your shop.

Why Filing Tangible Personal Property (TPP) Is Important in Apopka County

Filing your online personal property tax return Apopka County ensures you stay legal. This data helps the county calculate the millage rates for the upcoming year. Without these returns, the tax burden might fall unfairly on residents. Business owners benefit from the services funded by these taxes, such as police protection. Reporting also creates a paper trail for your business assets. This can be helpful during insurance claims or business sales. It proves you owned the equipment on a specific date. Furthermore, the $25,000 exemption is only available to those who file on time. If you ignore the filing, you lose this significant tax break. This could result in a tax bill that was entirely avoidable. Keeping your business in good standing builds trust with local government agencies.

Legal Requirements for Local Businesses in Apopka

Florida law requires every business to submit an Apopka County personal property assessment filing. The Department of Revenue sets the standards for these forms. You must list the original cost of each item and the year you bought it. The property appraiser then applies a depreciation factor based on the age of the item. This determines the current market value. You are legally bound to provide truthful information. Providing false data can lead to criminal charges or heavy fines. The statutes also require you to notify the appraiser if your business closes. If you move your business to a different county, you must file a final return. This prevents the county from sending you tax bills for equipment you no longer own in the area.

Penalties for Failing to File or Late Submission

The Apopka County online tax filing portal helps you avoid costly mistakes. If you miss the April 1 deadline, the penalties start to add up quickly. A 5% penalty is added for every month the return is late. This can reach a maximum of 25% of the total tax due. If you fail to file at all, the appraiser will estimate your taxes. This estimate is often much higher than your actual asset value. You also face a 15% penalty for any property not listed on a timely return. If the appraiser finds unlisted assets during an audit, they will back-tax you for up to three years. Interest also applies to these unpaid amounts. Filing early is the only way to protect your business capital from these charges.

How Filing Ensures Fair and Accurate Property Assessments

Tangible property tax reporting Apopka County relies on your honesty. When you provide exact purchase prices and dates, the appraiser uses a fair scale. This scale accounts for the fact that a five-year-old computer is worth less than a new one. If you do not file, the appraiser assumes your equipment is new or high-value. This leads to an inflated tax bill. By filing, you have a voice in how your property is valued. You can provide proof of damage or obsolescence to lower your bill. The county wants to collect the correct amount, not the maximum amount. Your return provides the evidence needed for a fair assessment. This transparency benefits the entire business community by keeping taxes predictable.

How to File Tangible Personal Property Tax in Apopka County

Tangible Personal Property Tax Return Online filing is the preferred method for modern businesses. The system is built to guide you through each section of the form. You will need your account number, which is found on the notice sent to you in January. If you are a new business, you may need to register for an account first. The online system saves your progress, so you do not have to finish in one sitting. It also checks for common errors before you submit. This reduces the chance of your return being rejected or audited. Once submitted, you receive a digital receipt for your records. This serves as proof that you met the legal deadline.

Filing Instructions

To begin your Apopka County business asset tax filing, you must gather your financial records. The most important document is your fixed asset ledger. This list should show every piece of equipment your business owns. You need the description, the year of purchase, and the original cost. Do not use the current “blue book” value. The appraiser needs the price you paid when the item was new. If you received equipment as a gift or through a merger, use the fair market value at the time of acquisition. The online form will have columns for different types of property. Make sure you place items in the correct categories to get the right depreciation rate.

1. Log in to the Apopka County online tax filing portal.
2. Enter your business identification details and account number.
3. Update your contact information and business location if changed.
4. List all new equipment purchased in the last year.
5. Remove any equipment that was sold, scrapped, or traded in.
6. Review the $25,000 exemption section to ensure it is applied.
7. Submit the form and save the confirmation PDF.

Gather a Complete Inventory of Business Assets

A successful online tangible property tax payment Apopka County starts with a good inventory. Walk through your office or shop and look at every item. Check under desks and in storage rooms. Many people forget about items that are currently in repair or not in use. If the item is on your premises and belongs to the business, it must be listed. Include items that are fully depreciated on your IRS tax returns. Even if an item has zero value for federal taxes, it may still have value for local property taxes. Use a spreadsheet to track these items throughout the year. This makes the April filing much easier to handle.

Use the Official Apopka TPP Tax Return Form

The official form is known as DR-405. While you can find generic versions, using the Apopka-specific online form is better. It contains local codes and instructions that apply specifically to your area. The online version of the Apopka County personal property tax form submission is interactive. It will hide sections that do not apply to your business type. This saves you from reading through pages of irrelevant information. If you prefer paper, you can print the form from the appraiser’s website. However, paper forms take longer to process and are more prone to data entry errors. The official form ensures you are following the latest Florida Department of Revenue guidelines.

Fill Out and Double-Check the Form for Accuracy

Accuracy in your business asset tax return Apopka County prevents future headaches. One common error is swapping the purchase price with the current value. Always use the historical cost including sales tax and shipping. Another error is failing to report leased equipment. Even if you do not own the copier, you must list it in the leased section. This tells the appraiser who is responsible for the tax. Check your math if you are filing on paper. The online system does the math for you, which is a major benefit. Ensure your business name matches the name on your state licenses. Small discrepancies can cause delays in processing your exemption.

Submit Before the Filing Deadline

The deadline for Apopka County tangible personal property tax filing is April 1. This date is firm across the entire state of Florida. If April 1 falls on a weekend, the deadline moves to the next business day. You should aim to submit your return by mid-March. This gives you time to ask questions if you get stuck. If you need more time, you can request an extension. Extensions must be filed in writing before the April 1 deadline. The appraiser can grant up to 30 extra days for good cause. However, extensions are not guaranteed. Filing early ensures you do not lose your $25,000 exemption due to a technical glitch on the last day.

Filing Online vs. Mailing Your Return

Choosing to file tangible property tax online Apopka County is usually the best move. Online filing is faster and provides instant confirmation. It also allows you to look at previous years’ filings to see what has changed. Mailing a return requires using certified mail to prove you sent it on time. Paper returns can get lost or damaged in the mail. If you mail it on March 31 and it arrives late, you might still face penalties. Online systems are open 24 hours a day, allowing you to file at your convenience. Most businesses in Apopka have moved to digital filing for these reasons.

Where to Get the Apopka TPP Form

You can find the online property tax form Apopka County through the Property Appraiser’s website. They provide links to the digital portal and PDF versions for printing. Many local libraries also keep a few copies of the DR-405 form during tax season. If you are a new business owner, the appraiser usually mails a physical form to you in January. If you do not receive one, it is still your responsibility to find it. You can also visit the local government center to pick up a copy in person. The digital version is updated every year to reflect new laws or tax rates.

Apopka County Assessor Office Contact for TPP Assistance

If you have trouble with your Apopka County tangible property tax data, help is available. The staff at the property appraiser’s office can explain the categories. They cannot fill out the form for you, but they can clarify the rules. If you are unsure if an item is taxable, call them before you submit. They also help with technical issues on the online portal. Having your account number ready will speed up the help process. Most questions can be answered over the phone or via email. This support ensures that small business owners feel confident in their filings.

What Happens After You File Your TPP Return?

Once you complete your Tangible Personal Property Tax Return Online filing, the review begins. The property appraiser’s office receives thousands of returns in April. They use software to check for unusual data or missing sections. If your return looks significantly different from previous years, they may flag it. This does not mean you did something wrong. It simply means they need to verify the changes. After the review, they calculate the assessed value of your property. This value is then used by the tax collector to create your bill. You will not receive the bill until November, but you will receive an assessment notice in August.

How the Apopka County Assessor Reviews Your Return

The Apopka County personal property assessment filing goes through a strict validation. Staff members compare your list of assets to businesses of similar size and type. If a large restaurant reports only $5,000 in equipment, it will likely trigger a review. The assessor looks at the age of your equipment to apply depreciation. They use standard tables to ensure every business is treated the same. If you reported a major loss of equipment due to a fire or theft, they might ask for a police report. The goal is to create a list that reflects the actual equipment sitting in your business today. Their review ensures that no one is paying more than their fair share.

Receiving Your Tangible Personal Property Assessment

In August, you will receive a Truth in Millage (TRIM) notice. This document shows the value the appraiser placed on your business assets. It also shows the proposed tax rates from the county, city, and school board. This is not a bill, but it tells you what your bill will likely be. Review this notice carefully. Check to see if the $25,000 exemption was applied correctly. If the value seems much higher than what you reported, look for errors. The TRIM notice gives you a window of time to discuss the value with the appraiser. This is the most important document you receive regarding your business taxes.

How to Appeal If You Disagree with the Assessment

If your Apopka County tangible property return submission results in a value you dislike, you can appeal. The first step is an informal meeting with the property appraiser’s staff. Often, a simple explanation or a missed receipt can fix the problem. If you still disagree after the meeting, you can file a petition with the Value Adjustment Board (VAB). There is a small fee to file this petition, and you must do it within 25 days of the TRIM notice. A special magistrate will hear your case and look at your evidence. You should bring photos, repair bills, or independent appraisals to support your claim. The VAB has the power to lower your assessment if you prove the appraiser’s value is too high.

Exemptions & Savings Opportunities

Tangible Personal Property Tax Return Online filing is the gateway to saving money. Florida offers a significant exemption to help small businesses thrive. This exemption reduces the taxable value of your assets by up to $25,000. For many small shops, this means they pay zero tangible property tax. However, this is not an automatic credit. You must ask for it by filing a timely return. If your assets are worth $30,000, you only pay taxes on $5,000. This can save a business hundreds of dollars every year. Understanding how to maximize these savings is a key part of financial planning for local owners.

Apopka Tangible Personal Property Exemption Thresholds

The primary exemption for Apopka County business property tax filing is the $25,000 threshold. This was established by a state constitutional amendment. It applies to every business that files a return. If your total asset value is below this amount, you are effectively exempt from the tax. However, you must still report your assets to prove you are below the limit. Some businesses may also qualify for economic development exemptions. These are usually for large companies that bring many jobs to the area. For the average Apopka entrepreneur, the $25,000 exemption is the most relevant and helpful tool available.

Eligibility Requirements for Apopka County Businesses

To qualify for the TPP exemption, your business must be located in Apopka. You must also have a valid business tax receipt if required by your industry. The most important requirement is the filing deadline. If you file after April 1, you lose the exemption for that year. There are very few exceptions to this rule. New businesses must file their first return to establish their eligibility. If your business owns property in multiple locations, you may get an exemption for each location. However, this depends on how the accounts are set up. Consult with the property appraiser to see if your multiple sites qualify for separate exemptions.

How to Claim Your TPP Exemption

Claiming your exemption during the online personal property tax return Apopka County process is simple. On the DR-405 form, there is a specific box or section for the exemption. By signing and submitting the form on time, you are officially applying for the credit. You do not need to file a separate application. The appraiser’s office will apply the $25,000 reduction to your assessed value automatically. If your assets stay under $25,000 for several years, the appraiser may send you a “receipt of filing” notice. This notice tells you that you do not need to file again unless your assets exceed the threshold. Always keep this notice in your permanent business records.

Common Mistakes in TPP Filing & How to Avoid Them

Filing an Apopka County tangible property return submission can be tricky for new owners. Small errors can lead to delays or unwanted audits. One major mistake is ignoring the form because you think your business is too small. Every business, even a one-person consulting firm, should file. Another mistake is failing to update your mailing address. If the appraiser sends a notice to an old address, you might miss the deadline. Being proactive is the best way to handle these taxes. Below is a detailed look at frequent errors and how to stay on the right track.

Missing Assets

Many people forget to list items that are not in the main office. This includes equipment kept in a home garage or a storage unit. If the business paid for it and uses it, it must be on the return. Sometimes owners forget about “ghost assets.” These are items that were thrown away but are still on the company’s books. If you don’t remove them from your return, you will keep paying taxes on them. This is why a physical walk-through of your business is so important before you file.

How to Avoid It

Keep a running list of every purchase over $100. When you throw something away, mark the date on your list. Before you start your Tangible Personal Property Tax Return Online filing, compare your list to the previous year’s return. This ensures you add new items and delete old ones. Using accounting software can help track these assets automatically. Tagging equipment with ID numbers also makes the inventory process much faster and more accurate.

Late Filing

Late filing is the most common reason for penalties in Apopka County. Business owners often get busy in March and forget the April 1 deadline. Waiting until the last minute is risky because the online portal might be slow. If you have a computer crash on March 31, you might miss the window. A late return not only costs you money in penalties but also removes your $25,000 exemption. This can turn a $0 tax bill into a $500 tax bill very quickly.

How to Avoid It

Set a calendar reminder for February 1 to start gathering your data. Aim to have your Apopka County business asset tax filing finished by March 15. This gives you a two-week buffer for any problems. If you use a CPA, get your information to them early. They are very busy in March and may need extra time to process your tangible property return. Remember that “mailing” means the postmark must be dated by April 1.

Not Maintaining Proper Business Records

Without good records, your Apopka County tangible property tax data will be a guess. Guessing often leads to over-reporting or under-reporting. If you are audited, the appraiser will ask for receipts and ledgers. If you cannot provide them, they may use the highest possible value for your equipment. This lack of organization can also make it hard to sell your business later. Buyers want to see clean tax records and a clear list of what they are buying.

How to Avoid It

Store all equipment receipts in a dedicated folder, either physical or digital. Use a simple spreadsheet to track the item name, purchase date, and total cost. Keep these records for at least five years. This covers the period the appraiser is allowed to audit. If you buy used equipment, keep a record of the bill of sale. Digital backups are great in case of fire or water damage to physical files.

Forgetting to Claim Available TPP Exemptions

Some owners fill out the asset list but forget to check the box for the exemption. While the appraiser often applies it anyway, you should never assume. If you don’t file the return, you definitely won’t get the exemption. Some businesses also miss out on exemptions for pollution control equipment or renewable energy systems. These specialized items have their own rules and can provide even more savings if reported correctly.

How to Avoid It

Read every line of the Apopka County personal property tax form submission. Look for keywords like “exemption” or “credit.” If you are filling out the form online, ensure the exemption section is highlighted. If you are unsure if you qualify for extra savings, ask the appraiser’s office. It is their job to help you understand the available credits. A quick phone call could save your business a significant amount of money.

Tools & Resources for Apopka County Businesses

Managing your Apopka County tangible personal property tax filing is easier with the right tools. The county provides several digital options to help you stay compliant. These resources are designed to be user-friendly for people without an accounting background. You can find calculators, instructional videos, and downloadable guides. Using these official tools ensures you are getting the most accurate information. Avoid third-party websites that charge for forms that are free from the county. The official portal is the safest place for your business data.

Downloadable TPP Tax Forms and Instructions

The primary document for your filing is the DR-405 form. The Apopka County Property Appraiser website hosts the most current version. They also provide a set of instructions that explain each category. These instructions define what counts as “furniture” versus “machinery.” Reading these definitions can help you categorize items correctly. Correct categorization ensures you get the right depreciation rate. You can download these files in PDF format and print them for your workspace. This allows you to fill out a draft by hand before entering the data online.

Where to Access Them Online

The online property tax form Apopka County is available through the main Property Appraiser portal. You will need to look for the “Tangible” or “Business” section of the website. Most counties use a secure login system to protect your financial data. You may need to create a username and password if it is your first time. Once logged in, you can see your business history and previous filings. This digital archive is very helpful for maintaining consistency year after year. The website is mobile-friendly, but using a desktop computer is better for entering long lists of items.

Tangible Personal Property Tax Estimator (If Available)

Some local websites offer a tax estimator tool. This allows you to enter your total asset value and see a projected tax bill. While not an official bill, it helps with budgeting. You can see how the $25,000 exemption impacts your final number. If the estimator shows a high bill, you might want to review your asset list for accuracy. Knowing your tax liability in advance prevents surprises in November. These tools are usually updated every summer after the new millage rates are set by local government boards.

Apopka County Assessor TPP Filing Portal

The Apopka County online tax filing portal is the hub for all TPP activity. It is designed to handle high traffic during March. The portal includes a help section with answers to common questions. You can upload spreadsheets directly into the portal in some cases. This is a huge time-saver for businesses with hundreds of items. The system also allows you to save a draft and return to it later. Always make sure you click the “Submit” button and receive a confirmation number. Simply saving the data does not count as filing your return.

Contact Details for TPP Filing Support

If you hit a wall while filing, direct support is the best solution. The Apopka area is served by the Orange County Property Appraiser’s office. They have experts who specialize in tangible property. Whether you have a technical glitch or a question about a specific asset, they can help. It is best to call early in the season, as they get very busy in the last week of March. Email support is also available for non-urgent questions. This personalized help ensures that every business owner in Apopka can meet their tax obligations.

Office Locations

The main office is located in downtown Orlando, which serves the Apopka area. There are also satellite offices that may be closer to your business. Visiting in person allows you to drop off documents or speak face-to-face with an appraiser. Check the website for the current list of open locations. Some offices may require an appointment for specialized tax help. Bringing your records on a flash drive can help the staff see what you are working on.

Main Office: 200 S. Orange Ave, Suite 1700, Orlando, FL 32801

Phone Numbers

The Tangible Personal Property department has a direct line. This connects you with people who only handle business assets. They can look up your account while you are on the phone. This is often the fastest way to resolve an issue with a missing account number. They can also explain why a certain penalty was applied to your account. Keep your account number handy when you call to save time.

Direct TPP Line: (407) 836-5040

Email Addresses

For general questions, you can use the official contact form on the website. For specific TPP inquiries, use the dedicated tangible property email. This allows you to send attachments like receipts or photos of equipment. Emailing provides a written record of your conversation, which is helpful if there is a dispute later. Most emails are answered within two business days during the off-season. Expect longer wait times as the April 1 deadline approaches.

TPP Email: tpp@ocpafl.org

Office Hours

The property appraiser’s office follows standard government business hours. They are closed on weekends and all major holidays. If the April 1 deadline falls on a holiday, the office will be closed, but the online portal remains open. Plan your visit or phone call during the morning hours to avoid long wait times. The staff is most available between 8:30 AM and 4:30 PM.

Standard Hours: Monday – Friday, 8:00 AM to 5:00 PM

Official Website: www.ocpafl.org
Phone: (407) 836-5040
Hours: Monday to Friday, 8:00 AM – 5:00 PM

Frequently Asked Questions

Tangible Personal Property Tax Return Online filing helps business owners report assets. This system tracks equipment, tools, and signs used for income. Apopka County tangible personal property tax filing keeps your business legal. You must list items like computers and desks. Online filing saves time and prevents mailing delays. Use this digital system to stay current with local tax laws. Most people find the digital system faster than paper forms. Filing on time keeps your business in good standing with the local government.

How do I complete a Tangible Personal Property Tax Return Online filing?

Start your Tangible Personal Property Tax Return Online filing by visiting the local appraiser website. Log in using your account number and PIN found on your tax notice. Enter the original cost and purchase year for every item. This list should have office chairs, heavy machines, and signage. The system calculates value drops based on these dates. Check your data for accuracy before clicking submit. You will receive a confirmation number after finishing. Keep this number for your Apopka County business asset tax filing records. This number proves you finished the task on time.

What assets must I include for Apopka County tangible personal property tax filing?

Your Apopka County tangible personal property tax filing must list all physical assets used in your trade. Report items like laptops, printers, and store shelves. List leased equipment if you pay the taxes on it. Do not list inventory meant for sale. Household goods for personal use stay off this list. Most businesses list power tools, medical equipment, and restaurant ovens. Accurate reporting ensures your business asset tax return Apopka County stays correct. Failing to report items leads to penalties and late fees. Keep receipts to show what you paid for these items.

Where is the online personal property tax return Apopka County portal?

Find the online personal property tax return Apopka County portal on the official Property Appraiser website. Look for the e-filing tab on the main menu. This Apopka County online tax filing portal works on most web browsers. You need your unique parcel ID to begin. The site offers a secure way to upload asset lists. If you lose your login credentials, contact the appraiser office directly. Using this digital tool speeds up your tangible property tax reporting Apopka County tasks. Digital portals often check for errors before you finish the form.

When is the deadline for a tangible property tax submission Apopka County?

Submit your tangible property tax submission Apopka County by April 1st each year. Filing after this date results in a penalty of 5% per month. The total penalty can reach 25% of your tax bill. If you need more time, request an extension before the April deadline. Extensions grant you 30 extra days to finish your Apopka County personal property assessment filing. Early filing helps you avoid the last-minute rush. Always check the Apopka County tangible property tax data for any calendar changes. Missing the date costs your business money.

How can I fix errors on my Apopka County business property tax filing?

Correct mistakes on your Apopka County business property tax filing by submitting an amended return. Contact the tax office if you notice a wrong asset value or missing item. You can update your Apopka County online tax declaration through the same portal used for filing. Send receipts or invoices to prove the correct purchase price. Quick action prevents overpaying on your Apopka County personal property tax payment. The appraiser reviews your changes and updates the tax roll. Keeping clean records makes fixing errors much faster for everyone.

Does the online property tax form Apopka County offer tax exemptions?

The online property tax form Apopka County includes a $25,000 exemption for most businesses. You must file an initial return to claim this benefit. If your total asset value stays below $25,000, you might not need to file every year. You must notify the office if your business assets grow. This exemption lowers your Apopka County personal property tax form submission total. Small business owners save money by correctly applying for this credit during the Tangible Personal Property Tax Return Online filing. Check your asset values yearly to see if you still qualify.