Florida Legislature Drops Self-Storage Sales Tax Effective Dec. 1

Tax Break or Wind Break: The Fun Side of Florida’s Self Storage Sales Tax

The Who, The What, and the Where’s My Money?

First, this blog post is brought to you by tax accountants who probably have more abacuses than friends. Pulling from data provided by the SSA, Axios, and Florida-based law firm Lowndes, our source article breaks down an intriguing [tax reduction]

A Downpour of Tax Relief!
Reserve your beach shack in Florida because the party just got cheaper! Commercial real estate lease payments, including self-storage rent, will see a sales tax drop from 5.5% to 4.5%. You heard that correctly – less tax to sink your storage ship!

Deck the Halls with Boughs of Savings
Effective Dec. 1, cash registers sing carols, and self-storage operators are doing the happy dance as this reduction allows for more dispensable revenue. For those keeping track of their calendar, "the rent that was due on the first of the month can apply the new tax to December rent," the Self-Storage Association clarifies.

A Pinch of Salt…or should we say Tax?
Before you order more pool-side Daiquiris, the local tax rates that can add .5% to 1.5% aren't affected by this new state tax rate. Bummer indeed, but hey, we're still ahead.

Allow us to add humor to an otherwise dry subject. With the new tax relief, Florida is living up to its name, the "Sunshine State," giving people one more reason to love it (besides its picturesque beaches).

So, is reading this blog post worthy of your time? If you found tax humorous, our job here is done. If not, you really should call your accountant.

🔒📚 Hi! I'm Eric Manning, a self-storage operations wizard, and lifelong learner. 🗝️ My articles blend industry know-how with a dash of humor and wisdom. Whether you're a storage newbie or a pro, join me as we explore the world of storage, one witty insight at a time! 📦😊🔑

Sources:

SSA Weekly Magazine 11/20/23, "[Florida Legislature Reduces Sales Tax on Self Storage to 4.5%]

Axios, [What to Know About Florida's $1.3 Billion Tax Relief Package]

Lowndes, [New Law Reduces Florida's Sales Tax Rate on Commercial Rent]