In Florida, a money judgment generally earns interest at the rate set under section 55.03 of the Florida Statutes. The Chief Financial Officer sets and publishes the rate each quarter. The rate in effect when the judgment is entered generally applies until the following January 1, and then adjusts each January 1 to the rate in effect on that date until the judgment is paid. Counsel confirms the rate and how it applies to a particular judgment.
The daily amount
Interest is simple, not compounded: the judgment amount times the yearly rate, divided by 365, gives the interest for each day. Multiply by the days since the judgment for the total so far.
Payoff letters
When a debtor or title company asks for a payoff, give the total as of a specific date and the daily amount after that date, so the figure stays right until the money arrives.
Keep a ledger
Record every payment and the date it was received. Payments are usually applied first to accrued interest and costs, as the law and the judgment provide.
Our judgment interest calculator works out the daily amount and the total to a date.
Litigation support is performed at the direction of a licensed attorney. Check the current rate published by the Florida Chief Financial Officer.
This article is general information, not legal, tax or regulatory advice. Rules change; confirm current requirements with the responsible agency or a licensed professional.
