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Floridas intangible personal property tax was an annual tax on the market value of intangible property, such as stocks, bonds, and mutual fund shares, owned by Florida residents and businesses.
Intangible Property. Used chiefly in the laws of taxation, this term means such property as has no intrinsic and marketable value, but is merely the representative or evidence of value, such as certificates of stock, bonds, promissory notes, and franchises.
Florida Intangible Tax is calculated at 2 mills per each dollar of the just value of the note ($. 002) secured by the mortgage. (199.133, Fla. Stat.)
In Florida, the intangible tax on a mortgage is 2 mills, meaning the tax is calculated by multiplying the mortgage amount by 0.002. For example, a $200,000 mortgage would incur $400 in intangible tax.
Its typically set at 0.2% of the total mortgage amount or $2 for every $1,000 of the mortgages value. To put it in perspective, if youre securing a mortgage for $100,000, your intangible tax liability would be $200. Importantly, this tax is a one-time paymentunlike annual property taxespaid at the loan closing.
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The lender is the taxpayer for the nonrecurring intangible tax. The nonrecurring intangible tax is paid at the time the mortgage is filed or recorded in Florida.
Who must file a TPP tax return? Anyone owning tangible personal property on January 1 must file a tax return by April 1 each year unless you were notified by our office that the filing requirement has been waived. Every new business owning tangible personal property on January 1 must file an initial tax return. Tangible Personal Property FAQs Okaloosa County Property Appraiser tpp-faqs Okaloosa County Property Appraiser tpp-faqs
Tangible personal property, or TPP as it is sometimes called, includes items such as furniture, machinery, cell phones, computers, and collectibles. Intangibles, on the other hand, consist of things that cannot be seen or touched like patents, copyrights, and non-compete agreements. What Is Tangible Personal Property How Is It Taxed? - Investopedia investopedia.com terms tangible-persona investopedia.com terms tangible-persona
Florida Tangible Personal Property Tax This tax is in addition to your annual Real Estate or Property Tax. The return is due by April 1st. Penalties are assessed monthly on the value of your property and can result in a 25% increased value being added to your personal property values.
WHO MUST FILE A RETURN? Any business owner or self-employed contractor owning tangible personal property on January 1st must file a return each year as required by Florida Statutes 193.052 and 193.062. Property owners that loan, lease or rent tangible property to others must also report such property.

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