Businesses operating in Florida are subject to an annual levy on specific assets. This tax applies to items used in a business’s operations, such as furniture, fixtures, equipment, and inventory. For example, a restaurant’s tables, ovens, and refrigerators would be subject to this assessment, as would a retailer’s inventory of goods for sale.
This revenue stream plays a significant role in funding local government services provided by counties, cities, and special districts. These funds often support essential public services such as fire protection, libraries, and parks. Historically, it has served as a consistent and reliable source of revenue for municipalities, allowing for local budgetary stability and investment in community infrastructure.
