As we fall into a new season, county taxing authorities are beginning to send out notices of proposed taxes, often referred to as TRIM notices. These notices contain an estimate of the “just value” of your property as of January 1. There are several exemptions and classifications that can significantly reduce the taxes assessed on your property, so it is imperative that you review the information presented in your annual TRIM notice carefully.
Start by verifying that your agricultural classification is in place. Many counties no longer mail the agricultural classification renewal cards, commonly known as the “greenbelt” classification. The agricultural classification is automatically renewed, however, and will appear on your TRIM notice.
Another exemption to be aware of is the $25,000 exemption on tangible personal property. If your business owns tangible personal property such as tractors, sprayers, office equipment or furniture, you are required to file a tangible tax return. In order to qualify, you must file your tangible return by April 1.
Additionally, your TRIM notice will feature the assessed value of your tangible personal property. If you believe that the value is inaccurate, contact your county property appraiser office and request a detailed listing of the assets and their assessed values. Often, this inaccuracy originates from old assets that have been disposed of but still appear on the tangible listing. A new tractor or other piece of machinery added might put your company over the $25,000 limit, so maintaining accurate listings with the county can save your company taxes.
CREDITS
column by STEVEN E. CRISMAN
BIO: Steven Crisman is the managing partner of Cross, Fernandez & Riley, LLP’s (C/F/R) Winter Haven office and leads their Agriculture Practice Group. He primarily serves the agriculture, manufacturing, warehousing, and distribution industries. He has specific experience with citrus growers, cattle ranchers, citrus and other horticultural nurseries, citrus harvesters and other support industries as well as watermelon, blueberry and other growers. In addition, Steve provides comprehensive tax and estate planning, attestation and business succession planning services.
