Is the managing entity or association allowed to collect real estate taxes in advance?
Per sections 192.037 and 721.13(3)(i), Florida Statutes, for the purposes of ad valorem taxation and special assessments, the managing entity is responsible for operating and maintaining fee timeshare real property and is considered the taxpayer, as agent of the timeshare-period titleholder. The Florida Vacation Plan and Timesharing Act does not specifically address the issue of collecting real estate taxes in advance. An argument could be made that in order to take advantage of tax payment discounts, or to prevent late tax payment penalties, a managing entity needs to estimate the real estate taxes and collect them in advance. Since all real estate tax collections must be placed in a special tax escrow account, this practice would not appear to be prohibited.
Related Questions
- How can the developer maintain control of the managing entity or association even after the developer has sold a majority of the timeshare interests?
- So, what is good about being an Association member & paying membership fees in addition to real estate taxes?
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