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More Help Coming for Floridians On Property Insurance and Small Business Owners

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Florida Chief Financial Officer Jimmy Patronis is assuring state residents that the state’s budget will lead to lower insurance rates and provide more protection for homeowners via the $200 million funding of the My Safe Florida Home Program.

According to Patronis, $7 million in new funding through the state’s insurance consumer services division will support first responders and improve the state fire college’s facilities for training for future firefighters.

Patronis met with the Florida Cabinet to approve rules to implement a reduction in Florida’s Commercial Lease Sales Tax rate, which is estimated to save Florida Business owners around $1 billion in tax relief.

Florida’s portion of sales tax on commercial property leases drops from 4.5% to 2%. The local county option tax rate, which typically varies by county between 0.5% and 1.5%, will not change.

See also  The Latest On Florida’s Property Insurance Market

Florida is one of the few states that assesses sales tax on commercial leases of real property. Business groups around the state have supported a decrease in the rental tax. They say the savings will greatly help job hiring and business expansion.

However, this change does not impact the Florida sales tax rate on short-term residential accommodations with a duration of six months or less (transient rentals), which was not previously reduced.

“The lowering of the Commercial Sales Lease tax rate will lessen the tax burden on Florida’s businesses and job creators,” said Patronis.


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