One more consequence of the COVID-19 pandemic has been the inability of Florida lawmakers to enact legislation reducing the state’s sales tax on office, retail, warehouse and certain storage property leases in 2021. Consequently, owners of commercial real estate located in Florida must continue to charge and remit to the state a 5.5 percent sales tax on the rent they receive from their tenants, plus any local surtax. It is expected that the state’s legislature will continue to reduce the commercial rent tax rent in 2021, especially as out-of-state residents and businesses continue to flee high tax states and relocated to Florida.
With offices in Miami, Orlando, New York City and Geneva, the team at Orion works with investors, developers, property owners and brokers through all phases of real estate transactions, from strategic planning and analysis to financing, negotiation, property management and disposition. For more information, call (305) 278-8400 or email firstname.lastname@example.org.