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Gov. DeSantis has signed House Bill 7063, which includes a reduction in the sales tax rate on leases of real property (other than short-term residential rentals).

Florida imposes its sales tax on the lease of or license to use real property. The general state-level sales tax rate on most taxable transactions is 6%. The tax rate on most real property leases or licenses had already been gradually reduced to 5.5% through prior legislation over the last six years. This new law will further reduce this tax rate to 4.5%, effective Dec. 1, 2023.

Continue reading the full GT Alert.