Florida Judgment Interest Rate Updates
Finally some good news on the Florida Judgment Interest issue. The Florida Supreme Court ruled on June 9, 2016 in Lyantie Townsend, ect., Petitioner, v. R.J. Reynold Tobacco Company, Respondent that the post judgment interest rate shall be a fixed rate at the time the judgment was entered for judgments entered prior to the new interest law. This is a change from the previous policy in which the post judgment interest rate of all judgments, including old judgments, was adjusted quarterly to the interest rate established by the Chief Financial Officer.
CHANGES IN POST JUDGMENT INTEREST RATE
Some ridiculous news. What is the point of raising interest rate from 4.75 to 4.78. On a $10,000.00 judgment that is an increase of $300.00 per year. Effective July 1, 2016 the Judgment interest rate is 4.84%. This reflects a change from the previous rate (4.78%) of +.06%. The Chief Financial Officer is required to set the interest rate on judgments four (4) times a year, on March 1st, June 1st, September 1st and December 1st for the following applicable quarter. Florida Statutes 55.03. On April 1, 2016 Florida changed the interest rate for the first time since 2011, raising it .03% from 4.75% to 4.78%.
More recent interest rates changes are as follows:
| EFFECTIVE DATE | RATE PER ANNUM |
| January 1, 2015 | 4.75% |
| April 1, 2015 | 4.75% |
| July 1, 2015 | 4.75% |
| October 1, 2015 | 4.75% |
| January 1, 2016 | 4.75% |
| April 1, 2016 | 4.78% |
| July 1, 2016 | 4.84% |
For more information about Florida’s interest rate please visit Florida Chief Financial Officers website athttp://www.myfloridacfo.com/