TANGIBLE PERSONAL PROPERTY TAX
Filed to the Property Appraiser’s Office (in the county where your property is located), due by the April 1st – late filing penalties effective after this date
Tangible Personal Property Tax is an ad valorem tax assessed against the furniture, fixtures and equipment located in businesses and rental property. Ad valorem is a Latin phrase meaning “according to worth". Your rental property is considered business property and, as such, you must pay a separate tax on the value of your property furnishings. This tax is in addition to your annual Real Estate or Property Tax. The return is due by April 1st. Penalties are assessed monthly on the value of your property and can result in a 25% increased value being added to your personal property values.
Filing Deadline
Tax returns must be filed to the Property Appraisers' office by April 1st. Tax billing follows processing of the tax return by the County and is sent out on November 1st with payment due by March 31st of the following year. Discounts are usually available for early payment.
If you purchase a resale property you may receive a credit on your settlement statement for the period of the tax year that you did not own the property. The bill for the full year may subsequently be sent to you in November for payment in full.
We suggest that you file a final return for the year following the sale of your rental property in order for the County to remove your name from their records.
TANGIBLE PERSONAL PROPERTY TAX EXEMPTION - $25,000
On January 29th, 2008 Florida voters overwhelmingly approved Amendment 1 to grant added tax relief to property owners. Whilst many of the changes relating to homesteaded property (place of full time residence) do NOT affect non-resident owners of Florida property, the amendment now grants businesses (including short term and long term rental properties) and mobile home attachments a $25,000 exemption on Tangible Personal Property - effective January 1st 2008
This exemption does not apply to prior years - if you have not already paid your 2007 Tangible Personal Property Tax Bill, please ensure that you do so by the payment deadline of March 31st 2008.
In order to receive the new $25,000 exemption, a Tangible Personal Property Tax Return must be filed for each and every property that you own, by April 1st 2008. Whilst your total Tangible Personal Property remains less than $25,000 you do not need to file again.
For new buyers, an Tangible Personal Property Tax Return must be filed in the first year of ownership to obtain the exemption.
AUTHORISATION
In order for us to prepare and file your annual Tangible Personal Property Tax Return please complete and return the following authorisation form.
Tax Collector Website’s:-
Polk County - http://www.polktaxes.com/propertytax/tangible.asp
Osceola County - http://www.osceolataxcollector.com/re-tangible-taxes.html
Orange County - http://www.octaxcol.com/real_estate_taxes.htm
Lake County - http://www.laketax.com/property_taxes/tangible_personal_property.htm