Tangible Personal Property Tax deadline November 30 2021 is approaching. To receive a 4% discount of the total taxes due pay by this date.
Other discounts for early payments are as follows:
- 3 percent discount if paid in December
- 2 percent discount if paid in January
- 1 percent discount if paid in February
There is no discount for tangible personal property taxes paid in March.
Taxes become delinquent on April 1st each tax year at which time interest accrues at 1.5% per month (18% per annum) plus additional fees are added.
What is Tangible Personal Property Tax?
The tangible personal property tax is an ad valorem tax assessed against:
- Any equipment, fixtures or furniture used in a business or for a commercial purpose
- Leased equipment
- Furnishings and appliances in a rental property, owned by the real property owner
- Any attachments made to a mobile home or manufactured housing in a rental park
Further, small businesses should calendar the Tangible Personal Property Tax deadline November 30 2021 to save on taxes this year.
We recommend you get your taxes done right with support from an experienced small business tax expert. Contact our office today for assistance.