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Intangible Personal Property Tax

Every person who is a legal resident or is domiciled in Florida on January 1 of the tax year, must file an intangible tax return if they own, manage or control certain intangible personal property and if the tax obligation is $60 or more.

Some common examples of taxable intangible assets include: stocks, bonds, certain money market funds, mutual funds, loans, notes, a portion of accounts receivable and limited partnership interests. Some examples of exempt assets include: money; franchises; and qualified IRAs, employee retirement plans and deferred compensation plans.

The tax is calculated based on your filing status. For individual filers the first $20,000 of total taxable assets are exempt. Total taxable assets valued between $20,000 and $100,000 are taxed at $1 per thousand dollars of value. Total taxable assets valued at more than $100,000 are taxed at $1.50 per thousand dollars of value. For joint filers the first $40,000 of total taxable assets are exempt. Total taxable assets valued between $40,000 and $200,000 are taxed at $1 per thousand dollars of value. Total taxable assets valued at more than $200,000 are taxed at $1.50 per thousand dollars of value.

Unlike federal income tax, the intangible tax applies to the calendar year in which the assets were valued, and must be paid then. It is an annual tax based on the market value, as of January 1, of the intangible property owned by a Florida resident or other person obligated to pay the tax. The return can be filed as early as January and is late if postmarked after June 30. Discounts apply for early payment; penalties and interest apply for late payments.

You are considered a Florida resident ...
when your true, fixed and permanent home and principal establishment is in Florida. Filing a declaration of domicile, qualifying for homestead exemption or registering to vote in Florida can establish residency. Other actions, such as obtaining a Florida driver's license, only indicate an intent to establish residency.

Tangible Personal Property Appraiser guidelines

Sales and Use Tax

Florida's sales and use tax rate is six percent. Each retail sale, admission charge, storage, use or rental is taxable, along with some services. Some transactions are specifically exempt. Consumers pay the tax, plus any county imposed taxes, at the time of purchase.

Here are some examples of taxable business activities, product use or consumption:

Use Tax on Out-of-State Purchases

Unless exempt, merchandise purchased out-of-state is subject to tax when brought into the state within 6 months of the purchase date. This "use tax," as it is commonly called, complements the state sales tax. Use tax applies to untaxed items purchased out-of-state from sources such as mail-order catalogs, television shopping networks, auctions and toll free (1-800) shopping services. The use tax is also imposed on items purchased during out-of-state travel, when the merchandise is shipped to the individual's home state.

If the seller does not collect the tax, or collects it at a rate less than six percent, you are responsible for paying the 6 percent use tax, plus any applicable county imposed taxes, directly to the Florida Department of Revenue. A credit for any lawfully imposed taxes paid to another state, U.S. territory, or the District of Columbia is permitted. Credit is not given for taxes paid to another country. Use tax is due on the 1st and late after the 20th day of the month following the quarter in which the purchase was made. Complete a Mail Order/Out-of-State Purchase Return (Form DR-15MO) to file and pay use tax. If the tax owed is less than one dollar, you do not have to file.

Ad Valorem (Property) Tax

If you purchase a home in Florida, you will pay ad valorem or "property" tax based on the taxable value of the property. Ad valorem taxes are assessed by the county property appraiser and collected annually by the Tax Collector's Office.

A $25,000 homestead exemption is available to homeowners who meet certain requirements. Certain exemptions are also available to blind persons and other physically-challenged residents. Call your county property appraiser for details.

Florida Property Tax Information | Florida Property Tax Exemptions

Property appraiser list | Property tax definitions | Property tax exemptions | Truth in millage

Other Taxes and Fees

Florida does not impose personal income, inheritance or gift taxes. However, there are other taxes and fees that, in certain counties or circumstances, Florida residents may be required to pay, such as: convention development tax, local option tourist tax, documentary stamp tax, estate tax, lead acid battery fee, new tire fee, motor vehicle fee (Lemon Law) or rental car surcharge.

Discretionary Sales Surtax

Under specific conditions, Florida counties levy a discretionary surtax on all transactions subject to sales and use tax. The surtax is levied on the first $5,000 on any item of tangible personal property. It is collected at the rate imposed in the county where the merchandise or service is sold or delivered. A list of counties imposing a discretionary sales surtax administered by the Department, and the rate, is available upon request. To obtain the list, refer to "For More Information" on this page or contact your nearest Florida Department of Revenue service center.

Looking at Business Opportunities in FL?

Most businesses are subject to sales and use tax, discretionary sales surtax, corporate income tax and intangible personal property tax. If your business is subject to sales tax, you must register as a sales and use tax dealer before you begin conducting business in Florida. Download and complete an Application to Collect and/or Report Tax in Florida (Form DR-1).

Service Centers

Department of Revenue service centers are located throughout the state.

For More Information

For detailed written responses to your questions, write: Florida Department of Revenue, Tax Information Services, 1379 Blountstown Highway, Tallahassee, FL 32304-2716.

For forms and general information, call Taxpayer Services, Monday-Friday, 8 a.m. to 5 p.m., ET, at 1-800-352-3671 (in Florida only) or 850-488-6800 and select Information on Taxes or Forms from the option menu.

Hearing or speech impaired persons can call the TDD line at 1-800-367-8331.

Tax Law Library: This text retrieval system containing Florida tax information is organized by tax and updated quarterly. It is accessible through:

Tax collectors

Seminars Offered

Department of Revenue service centers host educational seminars about how Florida's taxes affect various businesses. For a schedule of upcoming seminars,

Information Source: Florida Department of Revenue