Property Taxes in Florida

Reminder to Florida Property Owners – Real Estate & Tangible Tax Bills due by end of March

Ad valorem taxes are levied annually based on the value of real estate property and tangible personal property.  Non-ad valorem assessments are also made on real property for essential services, such as fire protection and garbage collection.

The term real estate tax is a common reference to a tax on real property. Real property refers to land, buildings, fixtures, and all other improvements to the land.

Real Estate Taxes consist of ad valorem taxes and non-ad valorem assessments.

In Florida, Tangible Personal Property Taxes refers to ad valorem taxes on the assessed value of furniture, fixtures, and equipment located in business and/or rental properties and on mobile home additions, where the owner of the mobile home does not also own the land upon which it is affixed.

Upcoming filing deadlines… 

April 1st – 2014 Tangible Personal Property Tax Returns required to be filed in Florida.  The returns are prepared and submitted to report furniture values for all first year filers and furniture values of more than $25,000 for prior year filers where required.

April 15th – Income tax filing deadline for US citizens and permanent resident (green card holders) income tax returns.  Extensions may be filed to October 15th without penalty PROVIDED no income tax payment is due.

June 15th – Income tax filing deadline for non-residents to report US source income such as rental, capital gain etc.  Extensions may be filed to October 15th without penalty PROVIDED no income tax payment is due.

June 30th – Filing deadline for reporting of Foreign Bank and Financial Accounts (FBAR). United States persons are required to file an FBAR if they had a financial interest in or signature authority over at least one financial account located outside of the US and the total value of all foreign (non US) financial accounts exceeded $10,000 at any time during the calendar year to be reported.

A United States person includes US citizens, US residents, entities, including but not limited to corporations, partnerships or limited liability companies created or orgnanised in the US or under the laws of the US; and trusts or estates formed under the law of the US. Significant civil & criminal penalties may apply to late filers.

Information courtesy of Harding and Associates

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