Commercial Lease Tax Cuts to Arrive Early in June 2024

Commercial Lease Tax Cuts to Arrive Early in June 2024

Florida may see an earlier reduction in the state tax on commercial leases, expected in June instead of August 2024. These Commercial Lease Tax Cuts, hastened by the quicker-than-anticipated replenishment of the state's Unemployment Compensation Trust Fund to $4 billion, will lower the lease tax from 4.5% to 2.0%. This reduction, part of a 2021 legislative agreement that also involved out-of-state sales tax collection, follows a previous decrease from 5.5% to 4.5% in July 2023. Florida TaxWatch states this will save taxpayers about $1 billion annually. The lease tax, in place since 1969, has been a target for business lobbying groups seeking rate reductions.

You can read more about all of the updates here: Business Lease Tax Cut Expected in June

If you'd like to discuss Commercial Lease Tax Cuts and how they affect you, please contact Barry at 561-880-5587 or click here to send an email.

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Barry was born and raised in Miami but left in 2004 and now is a happy resident of Delray Beach, Florida. For commercial property, Barry is a boutique commercial practiioner specializing in Retail, Office, Industrial and Land. Whether helping you find a site or property to purchase, choose a building or space to lease for your business, market your property to find a tenant, or use our marketing team to help you divest of your property, we have the perfect plan so let’s talk about it. Barry holds the title of RTS which a Certified Raveis Technology Specialist. This means when it comes to market your property, rest assured Barry knows how to utilize the latest technology programs to maximize your property's exposure which leads to more buyers, more offers, and ultimately a higher price if you are selling. He specializes in Luxury Properties. When assisting residential clients, he relishes developing long lasting relationships and takes the time to fulfill the goals of his clients. Whether looking for the perfect home to buy or sell, Barry will take his time and it will be reflected the first day you begin working with him on your journey. Luxury Property? Put The William Raveis Luxury Team to work for you and ask about our Luxury Property Program! Selling an asset on your own can be an overwhelming task. There's advertising to plan and budget for, possibly private showings to arrange, purchase offers to negotiate, contract contingencies to worry about, and complicated paperwork to fill out. Make it easy on yourself by putting your asset in the hands of seasoned professionals. We have extensive experience marketing properties & showing them to their best advantage. William Raveis is a real estate company that does things right. Rooted in a foundation of family values, William Raveis is bringing a breath of fresh air to real estate.Firm believers in doing the right thing by its clients, William Raveis recognizes that lasting relationships come from care, courtesy and commitment – to both our clients and their communities. These values embody the William Raveis difference and we strive to surprise with service, delight with dedication and maintain a moral code which sets the gold standard in our sector.We are William Raveis. We are real estate, refined.

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