Florida Property Tax News: Save 100% on Intangible Taxes

HOW TO SAVE 100% ON YOUR FLORIDA INTANGIBLE PROPERTY TAXES STARTING IN 2007—GUARANTEED!

Yeah, I know you’ve heard guarantees before that turned out not to be worth the paper they’re printed on—or the bandwidth they take up. But this one is a slam dunk. And you don’t have to purchase anything to qualify for it!

The reason is that the savings are conferred by a new statute revoking Florida’s tax on intangibles.

What is intangible personal property?

In case you didn’t know, intangible personal property is property which does not have intrinsic value, but which represents value in another object. Intangibles, which are taxable until the January 1, 2007 effective date of the repealer, include the following:

Stocks
Shares or units of a mutual fund, including money market funds
Ownership interest in a limited liability company
Interest in limited partnerships registered with the Securities and Exchange Commission
Bonds
Loans
Notes
Accounts receivable not arising from your normal course of trade or business.

How can I save 100% on my Florida intangible taxes?

Effective January 1, 2007, there will no longer be any tax on intangibles owned by Florida residents. By enacting House Bill 209, the 2006 Florida Legislature has repealed this tax. The repeal is effective for all taxpayers, including individuals, joint filers, corporations, partnerships and estates.




How much will I save?

For 2006, the tax rate was reduced to $.50 per $1,000 worth of intangibles, also known as 1/2 mill. Before 2006, the tax rate was $1 per $1,000 worth of intangibles, also known as 1 mill. The first $250,000 of total taxable assets are exempt for an individual filer. Thus, for example, on $1,000,000, the tax for 2006 would have been $.50 X 750, or $375.00.


Guarantee

So there’s the guarantee; no need to file any intangible tax returns with the State of Florida, starting in 2007. Now you’ve saved 100% on your Florida intangible property taxes, starting in 2007. Guaranteed. You heard it here first.
_______________________________________________________________
Daniel A. Weiss has over 26 years experience as a Florida property tax attorney. Daniel Weiss was named in the 2007 Annual Edition of the South Florida Legal Guide as one of the top lawyers in the practice areas of both Real Estate - Land Use, Zoning & Environmental and Real Estate - Commercial. For a free consultation regarding your property, contact Daniel Weiss at 866-374-7850 or go to our website:: http://www.tannebaumweiss.com/property_tax.php