Tangible Personal Property Tax

The tangible personal property tax is an annual tax levied by each Florida County on non-real estate property used in business, commerce, real estate rental, and manufactured homes. The tangible personal property tax return is due by April first of each year. These tax returns involve listing and assigning taxable assets values for every non-real estate asset your company uses. These asset values are then taxed using the county's property tax millage rate. Failure to maintain an accurate account of your company's tangible personal assets may result in paying too much tax over the life of each asset and the possibility of additional fines and penalties. The good news is that each tangible personal property tax return is eligible up to a $25,000 exemption of assessed value. However, even if your company meets the $25,000 threshold, a tax return still needs to be filed by the due date. Fredrick James can prepare your company's tangible personal property tax return. We can also assist in keeping track of your company's fixed assets.

Business or Commercial Purpose

Tangible personal property includes any equipment, furniture, fixtures, tools, signs, machinery or supplies used in a business or for a commercial purpose, other than inventory, real estate and most licensed vehicles. Exceptions to the licensed vehicle category that are taxable include equipment mounted on licensed vehicles or vehicles that have a primary use as a tool rather than as a hauling device. Examples include items such as rubber-tired cranes, tree spades, cooking and cooling equipment on ice cream trucks and snack wagons, well drilling equipment, and carpet cleaning equipment.

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