Interest Rates

Tourist Development Tax

 Florida law currently provides a floating rate of interest for late tax returns. The interest rate is updated on January 1st and July 1st of each year. There is no limit on the amount of interest that may accumulate on unpaid taxes.

The rates of interest on underpayments that remain unpaid as of November 1, 2003, and arose on or after January 1, 2000, increased by as much as 4 percent (rates are subject to a 12 percent cap) for prior periods.

Rates on underpayments, effective November 1, 2003

Interest Period Interest Rate
   
01/01/00 - 12/31/00 12 percent
01/01/01 - 12/31/01 12 percent
01/01/02 - 06/30/02 11 percent
07/01/02 - 06/30/03 09 percent
07/01/03 - 12/31/03 08 percent
01/01/04 - 12/31/04 08 percent
01/01/05 - 06/30/05 08 percent
07/01/05 - 12/31/05 09 percent
01/01/06 - 06/30/06

10 percent

07/01/06 - 12/31/06

11 percent

01/01/07 - 06/30/07

12 percent

07/01/07 - 12/31/07

12 percent

01/01/08 - 06/30/08

12 percent

07/01/08 - 12/31/08

11 percent

01/01/09 - 06/30/09

09 percent

07/01/09 - 12/31/09

08 percent

01/01/10 - 06/30/10 07 percent
07/01/10 - 12/31/10 07 percent

Floating rates of interest for overpayments of tax made after December 31, 1999

Interest Period Interest Rate 
   
01/01/00 - 06/30/00 08 percent 
07/01/00 - 12/31/00 09 percent
01/01/01 - 12/31/01 09 percent
01/01/02 - 06/30/02 07 percent
07/01/02 - 06/30/03 05 percent
07/01/03 - 10/31/03 04 percent
11/01/03 - 12/31/03 08 percent
01/01/04 - 12/31/04 08 percent
01/01/05 - 06/30/05 08 percent
07/01/05 - 12/31/05 09 percent
01/01/06 - 06/30/06 10 percent
07/01/06 - 12/31/06 11 percent
01/01/07 - 06/30/07 11 percent

07/01/07 - 12/31/07

11 percent

01/01/08 - 06/30/08

11 percent

07/01/08 - 12/31/08

11 percent

01/01/09 - 06/30/09

09 percent

07/01/09 - 12/31/09

08 percent
01/01/10 - 06/30/10 07 percent
07/01/10 - 12/31/10 07 percent

Note: For returns or payments due on or before December 31, 1999, the interest rate is 12%, per annum.

If you have any questions, please call 727-464-5007.