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Old 07-06-2011, 06:29 PM
 
30 posts, read 36,454 times
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Question Florida Tangible Property Tax how does this work?

I am a self-employed computer consultant and I am planning to move to Florida, in part because of the lower taxes. I see that there is something called a Tangible Property Tax that I might be exposed to if I incorporate, but the information I found on it is spotty and vague, which makes me wonder if anyone actually pays this (on anything other than a building). If I work from a home office, am I supposed to pay yearly taxes on the value of my computer, printer, desk, office chair, etc.?


Below is what the Florida Department of Revenue says, which is rather obscure to me.

FL Dept Rev - Tangible Personal Property

Quote:
Tangible Personal Property (TPP), as defined in 192.001(11)(d), Florida Statutes, means all goods, chattels, and other articles of value (but does not include vehicular items) capable of manual possession and whose chief value is intrinsic to the article itself. Inventory and household goods are expressly excluded from this definition.

Anyone owning tangible personal property on January 1, who has a proprietorship, partnership, corporation, is a self-employed agent or a contractor, must file a tangible personal property return to the Property Appraiser by April 1 each year (See 193.062, F.S.). Property owners who lease, lend or rent property must also file.

Sections 195.032 and 195.062(1), F.S., authorize the Department of Revenue to prepare and maintain guidelines to assist the Property Appraisers. They are intended to assist in the assessment of property and are not construed to be the final authority or all inclusive in nature.
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Old 07-07-2011, 06:35 AM
 
1,468 posts, read 2,610,744 times
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Quote:
Originally Posted by usp2 View Post
I am a self-employed computer consultant and I am planning to move to Florida, in part because of the lower taxes. I see that there is something called a Tangible Property Tax that I might be exposed to if I incorporate, but the information I found on it is spotty and vague, which makes me wonder if anyone actually pays this (on anything other than a building). If I work from a home office, am I supposed to pay yearly taxes on the value of my computer, printer, desk, office chair, etc.?


Below is what the Florida Department of Revenue says, which is rather obscure to me.

FL Dept Rev - Tangible Personal Property



It changed recently and I don't automatically have to file anymore. It may be based on dollar value or vary by county I am not sure. When you get the form it will instruct you it comes like your property tax bill. It has nothing to do with you incorporating every business is exposed, even just owning rental property will get an annual form. Regardless, it's like nothing don't worry about it I doubt a home office will owe anything. Here is the rub though, if you are required to file and don't, they will come up with their own numbers based on who knows what and send you a bill. They may have you owing tax in a bunch of used junk worth nothing that unless you tell them is used junk they will get figures from actual retail. I had it happen once they had me down as property being worth $15,000 because they just estimated the value of furniture and appliances in some rentals I owned. It was easy to fix but if I don't say anything they will do it themselves.
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Old 07-07-2011, 04:57 PM
 
8,066 posts, read 2,381,104 times
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Tangibles or Personal Property Tax has always been a big gray area everywhere. Lots of vagueness. Best bet is to just go on the forms and call the locality. They have final say anyway.

I would think it does vary on county or city because of ordinances and rates.
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Old 07-07-2011, 05:31 PM
 
2,572 posts, read 1,246,007 times
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So let me get this straight. You have to pay a tax on the tangibles item you bought that you already paid tax on?
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Old 07-08-2011, 04:01 AM
 
703 posts, read 1,020,007 times
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Quote:
Originally Posted by cw30000 View Post
So let me get this straight. You have to pay a tax on the tangibles item you bought that you already paid tax on?
Yes. It's an ad valorem personal property tax for businesses. Many states have them. In Florida, there is an exemption for the first $25,000 (not indexed for inflation) in value of property. Less than amusingly, that value includes sales and excise taxes you paid on the property.

Once you file your first return, if you are below the exempted amount you don't have to file again unless you acquire more property. Some computers and office furniture will almost certainly be under it.
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