Companies situated in Florida are topic to an annual levy on bodily property used of their operations, equivalent to furnishings, fixtures, gear, and stock. As an illustration, a restaurant would pay this tax on ovens, fridges, tables, and chairs. Leased gear can also be topic to this tax, with the lessee usually liable for fee.
This tax gives a major income for native governments in Florida, funding important providers like colleges, hearth departments, and infrastructure enhancements. It has a protracted historical past within the state, reflecting the continuing must stability public service funding with the wants of companies. Understanding its nuances is essential for profitable monetary planning and operational administration in Florida’s enterprise panorama.