Q: What are you busy with at your office this month?
A: Right now, tangible personal property filings are in the forefront since the deadline for businesses to file is April 1.

If you own a business in St. Johns County, whether you own real estate or not, 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. Also, if you rent residential property, the furniture, fixtures, and equipment are subject to tangible personal property tax.

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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. 

If your business assets are valued at more than $25,000, the tangible personal property tax is applied at the same millage as real property. 

Q: What is the deadline to file the tangible personal property tax return?
A: The deadline is April 1. If you notify our office in advance, we can give a 45-day extension. You can file your tangible personal property tax on paper or online on our website.

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 based on similar business filings and you will be taxed on that value with no opportunity for appeal. 

Q: What are the penalties for filing late?
A: There is a 5 percent penalty per month until you file, up to a total of 25 percent.

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.

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