Shareholder Brendan Lynch discusses the impact of COVID-19 on property tax in 2020 and what you need to do to prepare.
As the pandemic continues to ravage many industries, senior living facilities continue to stand apart as specially impacted properties. From the outset of the COVID-19 crisis, these facilities have been in the news, not only for the devastation the virus has inflicted upon residents and staff, but also for best practices in preventing future outbreaks. As a result, the actual financial impact has taken somewhat of a back seat in the discussion. In Florida, where proposed tax notices come out in August in all 67 counties, this financial impact will come front and center.
Florida has an assessment date of January 1 of the given year, so the working presumption is that there will be little-to-no tax relief afforded any property for the 2020 tax year, unless the Legislature enacts some sort of tax rebate to impacted industries. The reason for no relief in 2020 is because as of January 1, 2020, there was no known impact from the pandemic – that will all be felt in the 2021 tax year (based on 2020 income stream). While tax rebates are being discussed, and pushed by certain trade associations, there is no concrete plan in place for this to happen. [...]
This is an excerpt from a blog post originally written on Gray Area of the Law. To read the entire post, click here.
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