Florida Statutes 196.295 – Property transferred to exempt governmental unit; tax payment into escrow; taxes due from prior years
Current as of: 2023 | Check for updates
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Terms Used In Florida Statutes 196.295
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Use: means the exercise of any right or power over real or personal property incident to the ownership of the property. See Florida Statutes 196.012
(1) In the event fee title to property is acquired between January 1 and November 1 of any year by a governmental unit exempt under this chapter by any means except condemnation or is acquired by any means except condemnation for use exclusively for federal, state, county, or municipal purposes, the taxpayer shall be required to place in escrow with the county tax collector an amount equal to the current taxes prorated to the date of transfer of title, based upon the current assessment and millage rates on the land involved. This fund shall be used to pay any ad valorem taxes due, and the remainder of taxes which would otherwise have been due for that current year shall stand canceled.
(2) In the event fee title to property is acquired by a governmental unit exempt under this chapter by any means except condemnation or is acquired by any means except condemnation for use exclusively for federal, state, county, or municipal purposes, the taxpayer is required to pay all taxes due from prior years.