Intangible Personal Property Tax

Intangible personal property is anything which has value because of what it represents. The most common examples are: stocks, shares or units of a mutual fund including, money market funds; the interest of a limited partner in a limited partnership registered with the Securities and Exchange Commission; bonds; accounts receivable; notes and loans. - Reference Section 199.023 (1), F.S.

WHAT IS INTANGIBLE TAX?
It is a tax on the value of intangible personal property owned, managed, or controlled by persons residing or doing business in Florida, - Reference Sections 199.052(1), 199.133, and 199.175 F.S.

HOW LONG HAS THE INTANGIBLE TAX BEEN IN EFFECT?
The intangible tax was first authorized as a specific class of property tax in 1924. In 1931 the Florida legislature enacted the first intangible tax statutes. From 1931 through 1971 the tax was administered by the county property appraisers. In 1972 the State began administration of the tax.

WHO IS LIABLE TO PAY INTANGIBLE TAX?
Residents of Florida as of January 1, and partnerships, affiliated groups, corporations, trustees, or fiduciaries that have tax situs in Florida with a tax liability of $6.00 or more. - Reference: Section 199.052 F.S.

WHAT IS THE INTANGIBLE TAX RATE?
The Nonrecurring Tax Corporations are subject to the nonrecurring intangible tax of $2.00 per thousand dollars of value (2 mills). Single individuals are subject to the nonrecurring intangible tax of $ 1.00 per thousand dollars of value (1 mill) up to $100,000 and $2.00 per thousand dollars of value (2 mill) thereafter. Couples filing jointly are subject to the nonrecurring intangible tax of $1.00 per thousand dollars of value 1 mill) up to $200,000 and $2.00 per thousand dollars of value (2 mill) thereafter.

WHEN IS THE INTANGIBLE TAX DUE?
For the annual tax, a tax return is due on or before June 30 of the tax year. Any return which is postmarked by June 30 of the tax year will be considered timely filed. Payment of the nonrecurring tax is due within 30 days of creation of the obligation, or upon recording, whichever occurs first. Reference: Section 199.042, F.S. and Section 199.135, F.S.

WHAT PENALTIES ARE APPLICABLE TO INTANGIBLE TAXES?
Delinquency Penalty - Annual and nonrecurring taxes not paid by the due date are subject to a penalty of 10% per month not to exceed 50% of the tax due. Late Filing Penalty - In addition to the delinquency penalty a penalty of 3O% of the tax due with the return is imposed for each year or portion of a year the tax remains unpaid.

For more information, contact
The Division of Taxpayer Assistance at:
1-800-352-3671 (Florida Only) or (904) 488-6800