By: Daniel Weiss
What's the highest interest rate you can earn now in a safe, government-sponsored program?
Did you say 4% per year? Wrong!
In Florida, for the next 4 months, every real property and tangible personal property taxpayer can earn an effective interest rate of 1% PER MONTH by paying taxes during the discount period!
Here's how simple it is: just pay your property taxes before March 1. Here's the way it works.
Taxes paid--i.e., received by the Tax Collector--during
November are subject to a 4% discount;
December are subject to a 3% discount;
January are subject to a 2% discount;
February are subject to a 1% discount.
Taxes paid after March 31 are delinquent and are subject to penalties and 1 1/2% delinquent interest per month.
In the same way that paying down your credit cards is the equivalent of earning interest at the same rate of interest that the credit card company is charging the customer on the outstanding balance, taking advantage of the 1% per month early payment discount on Florida property taxes is the same as earning interest at the rate of 12% per year on the amount of taxes you pay.
Don't say we didn't tell you!
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