Q: Can you give some background on tangible personal property?
A: Tangible personal property taxes are confusing to a lot of business owners who either don’t know they exist or don’t understand them. If you own a business in St. Johns County, you are required to file a tangible personal property tax return. This is an ad valorem tax and applied to the value of your business assets like equipment, furniture and computers. It doesn’t matter how large or small your business is, whether it is a lawn care business or hair salon or major manufacturer.
Q: What is the deadline to file the tangible personal property tax return?
A: We send out a postcard reminding business owners about the deadline, which is April 1. If you notify our office in advance, we can give an extension until May 1. If you didn’t notify us prior to April 1, we cannot give the extension.
Q: What happens if a business doesn’t file a tangible personal property tax return?
A: We are required by the state of Florida to estimate the value of your assets and you will be taxed on that value with no opportunity for appeal.
Q: How much is the tax?
A: If the value of your business’ assets are $25,000 or less, you are exempt from tangible personal property taxes, but you must still file one time. When you file the first time, you will be exempted and not have to file again, unless your business assets grow to more than $25,000. It’s very important to file because if you don’t file, or file late, there are penalties.
Q: What is the best way for our readers to contact you?
A: Our office is located at 4030 Lewis Speedway Ste. 203, (904) 827-5500. It is open Monday – Friday, 8:30 a.m. – 5 p.m. Also, readers can email me at Eddie@sjcpa.us or call me at (904) 827-5500.