Are you paying your 6% tax for renting out your condo?
All facilities, including condos, that are rented for six months or less are subject to the tourist development tax. NCC is presently 80% rental and many are being rented out by individual Owners who may have problems with the 2 different taxing authorities.
The minium rental at NCC is three months. The tourist development tax is a 5% bed tax. For properties within the city limits of Panama City Beach there is a 1% city license fee. The City has been having problems in collecting this and the one part time City position is now going to be a full time position and those not paying will soon be having tax problems.
The taxes are calculated on the total fees paid by the tenants for the benefit of the accommodations. These fees include cleaning fees.
All owners are subject to the tourist development tax and are required to register the facilities and collect this tax from their tenants or guests monthly. Collected taxes are remitted to the Clerk of Circuit Court of Bay County, PO Box 1230, Panama City Florida 32402.
A tax return is due even when no rental activity has occurred during the reporting period. The tax return and payment are due the first day of the month following collection from tenants and are considered delinquent if not postmarked by the 20th of the month following the close of the reporting period.
Details at:http://www.newsherald.com/news/fee-102283-panama-pcb.html and also https://www.touristtax.com/bay/#4, Email Tourist Development Tax: tdc@baycoclerk.com.
