“Tax season” doesn’t only mean that it’s time to be aware of your income tax filing requirements. Florida residents need to know that their personal property tax deadlines are also here! The deadlines to file personal property tax returns are April 1, or May 1, with an extension.
What is Personal Property Tax and Who Needs to File?
According to Florida law any business owner, or tax payer that owns and operates rental property needs to file a tax return on “tangible personal property.” Tangible personal property or “TPP,” is anything of value other than real estate, such as: office equipment, computers, tools, machinery, supplies, etc.
Anyone who owns qualifying TPP (in excess of $25,000) on January 1st of a given tax year, must file a tax return by April 1st, (or this year, May 1st with an extension), unless for some reason you have been informed by county officials that your TPP filing equipment has been waived.
Real Estate Tax Deadlines
Tangible personal property tax should not be confused with real estate, or “property taxes,” which have their own deadlines that business owners need to be aware of. Real property owners throughout the state of Florida, and indeed across the nation, should never assume that the assessment of your property is 100% accurate. Mistakes can happen, and if you do not appeal your notice by the impending deadlines, you may be paying more than your fair share.
In South Florida the deadline to appeal is generally mid-September. Reviewing and appealing these values can have significant positive impacts on your business’s revenue.
How MBAF Can Help
Having an expert review and file your personal property tax returns, and/or review your real estate tax assesment, can strongly impact your bottom line. Experts at MBAF can review your fixed assets to reclassify those assets for faster property tax depreciation, remove nontaxable assets, breakout intangible costs and breakout and reclassify real estate assets from your personal property tax return.
We also have the ability to work with various tax jurisdictions before the upcoming September appeals deadline.
Either way, having a second set of eyes from an expert can ensure you meet all filing/appeals deadlines and requirements, while at the same to leverage significant tax savings!
Compliance with, and understanding of, residency and domicile procedures for tax purposes can be complex. If you would like to benefit from our expertise in these areas, or if you have further questions on this Advisory, do not hesitate to contact our Tax and Accounting specialists, or call us at 1-800-239-1474.