For Corporations Operating In Florida & CPAs

In Florida, businesses pay property taxes on tangible personal property (not for resale). Each taxpayer should file a Return with their county property appraiser. The deadline for filing is April 1st. Failure to comply can mean penalties and interest. If yourcompany did not receive the form, blanks can be obtained from the county property appraiser or on the web site of the Florida Department of Revenue at http://www.myflorida.com/dor/. Accountants should know that the depreciation schedules and other assumptions used in Income Tax are NOT applied identically in property taxes, and taxpayers can use administrative appeals of their assessments to correct errors. It is common to find errors in tangible personal property assessments. In completing the Return, you can add the following disclaimer, which is useful for subsequent appeals.

"The taxpayer's estimate of value" as stated in this Return is NOT determinative of an assessment and may be amended. It may NOT be based upon appraisal methods, may NOT include all of the appropriate and applicable supplemental standards and jurisdiction exceptions, pursuant to USPAP, which may be found in Florida legislation, DOR Rules and Guidelines, federal or state case law which must be considered and applied by Property Appraisers to ensure a lawful assessment."

Do you want to lower your property taxes? Ad valorem taxes are based upon valuation methods, modified by state laws and regulations. CPS knows due process procedures and value applications should be applied to your real and tangible taxes. If you have a question, or need professional services, contact CPS at 1-305-372-9200.