Insights
Reduced Sales Tax on Commercial Leases
Matthew A. Staggs, Esq,
Real Estate Law
Effective January 1, 2020, the general Florida sales tax due on commercial leases will be reduced from the current 5.7% rate to 5.5%. This reduction in sales tax is applicable only to rental payments that are for a lease period that is on or after January 1, 2020. Therefore, the 5.7% sales tax will still apply for a rental payment that is received after January 1, 2020, if the lease period for the rental payment is before January 1, 2020. It is estimated that this reduction in sales tax will generate $64.5 million in annual savings. Please note this change has no effect on the local option surtax that many Florida counties impose (1% surtax is imposed in Manatee County and Sarasota County for 2020, making the total sales tax due on commercial leases in Manatee and Sarasota counties for 2020, 6.5%).
For more information, please contact real estate attorney Matt Staggs at 941.748.0100 or mstaggs@blalockwalters.com.
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