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Florida Finds Most Businesses Underreport Assets for Property Tax.
Byline: Michael Welber
Jan. 12--A red brochure showed up in offices and households last week. While most Keys taxpayers expected it, there were certainly some to whom it came as a surprise, and still others who know nothing about it at all.
The brochure came from Monroe County Property Appraiser Ervin Higgs, and reminded people to file their "tangible personal property" tax returns again this year.
It's clear that Keys business owners need to get a better grip on that nature of the tax, particularly in terms of what can be taxed. According to Dorothy Allison, supervisor of tangible personal property tax for the county, the state did a recent audit and found that while most businesses know about the tax, the vast majority were underreporting their assets.
"The state conducted a random audit of 30 businesses and discovered that 80 percent were underreporting the taxable assets," she said.
The value of what just these 30 businesses didn't report came to a sizeable amount: $8.2 million. Clearly, there's a lot of money sitting on the table, and the county and state are making a more concerted effort to get their share.
Allison said most of the problem stems from a lack of information.
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