Short Term Rental Laws in Midway, FL

The Tourist Development Tax is a 5% charge on revenue from rentals of six months or less in Seminole County.
The tax is in addition to the state sales tax of 7% in Seminole County.
The tax is used to advertise and promote tourism in Seminole County and fund grants for cultural and fine arts entertainment, festivals, programs, and activities that promote tourism.
To collect the tax from tenants, property owners must register and obtain an application from the Florida Department of Revenue for the collection of state sales tax.
The tax is due to the Tax Collector's office by the 20th day of the month following the collection.
Any person or entity who rents or leases any accommodation for six months or less must pay the tax.
If the renter doesn't pay the tax, the property owner is responsible for ensuring that all proper taxes are collected and remitted.
Exemptions from the tax include those with a bona fide written lease for more than six months, full-time students, active duty military personnel, and churches and non-profit organizations with a sales tax exemption number.
A bona fide written lease is a written document that demonstrates the renter's exclusive use of the rental property for a specified period of time.
Owners and operators are entitled to keep 2.5% of the first $1,200 of the tourist tax collected as compensation.
If the tax becomes delinquent, penalties and interest are assessed.
Records such as guest checks, general ledgers, tax payments, and federal income tax returns must be kept for five years and made available for audit.
Owners are also required to pay Tangible taxes annually on the value of the rental furnishings and obtain a Local Business Tax Receipt.
If the property is sold or no longer rented, the Tax Collector and Property Appraiser must be notified.

Midway, Florida Short Term Rental Laws

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Midway, FL Short Term Rental Law Summary

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