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%).
- Six Blalock Walters Attorneys Listed in 2022 The Best Lawyers in America©
- Christina Morelli Joins Firm, Expanding its Estate Planning Practice Group
- Mark Barnebey Elected Treasurer of Florida Municipal Attorneys Association
- Florida Super Lawyers Recognizes Three Attorneys from Blalock Walters
- Why it May Make Sense to Seek an Upward Adjustment to the Just Value of your Homestead Property