Florida Intangible Personal Property Tax
(Individual and Joint)

 What is Intangible Personal Property Tax?

Florida's intangible personal property tax is an annual tax based on the current market value, as of January 1, of intangible personal property owned, managed, or controlled by Florida residents or persons doing business in Florida.

What is Taxable?

The tax applies to intangible assets such as:

Who Files and How?

Every Florida resident who (on January 1) owns, manages, or controls intangible personal property must file an Intangible Tax Return for Individual and Joint Filers (Form DR-601I). Florida residents whose intangible assets are held by security dealers and/or stock brokers are also required to file.

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

Although everyone owning intangible personal property is subject to the tax, only those persons whose tax obligation is $60 or more must file a return and pay the tax.

What is Exempt?
How Tax is Calculated

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.

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.

Discounts

If you file between January and the end of May, you qualify for a discount. The earlier you file, the greater the discount.

For More Information From the Florida Department of Revenue:

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 904-488-6800.

Hearing and speech impaired citizens should call 1-800-DOR-TDD1 (1-800-367-8331) or 904-922-1115.

For detailed written responses to your questions, write Taxpayer Services, 1379 Blountstown Hwy., Tallahassee, FL 32304.

Can I get information from you, rather than from the government?

Yes, just contact us by e-mail or phone.

    For more information:
        Florida Intangible Personal Property Tax - A Summary
        Florida Intangible Tax Reduced on July 1, 2001
        What is the Florida Intangibles Tax?
        Kulzick Associates PA - Tax Services

Copyright 2000 Raymond S. Kulzick. All rights reserved. 000907

This publication provides business, financial planning, and/or tax information to our clients. All material is for general information only and should not be acted upon without seeking appropriate professional assistance.

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Copyright 2000 Kulzick Associates, PA - Last modified: September 13, 2008