How Is the Florida Judgment Interest Rate Set?

Section 55.03(1) directs the Chief Financial Officer to set the rate on December 1, March 1, June 1 and September 1 for the quarters beginning January 1, April 1, July 1 and October 1. The formula averages the discount rate of the Federal Reserve Bank of New York for the preceding 12 months and adds 400 basis points. The clerk of court and chief judge of each circuit are informed of each new rate.

Under section 55.03(3), the rate is fixed at the time a judgment is obtained. It is then adjusted each January 1 to the rate in effect on that date until the judgment is paid. Judgments the clerk enters under sections 55.141, 61.14, 938.29 and 938.30 are not adjusted annually.

Section 55.03(2) requires a money judgment, an order for judicial sale and any writ directed to a sheriff for execution to show the interest rate on its face. Under subsection (4), a sheriff is not required to docket, index or collect on a judgment, writ or other process that does not state the rate, although a reference to the statutory rate is enough.

The statute does not override a rate set by a written contract or obligation. Current and past rates are listed on the Department of Financial Services page in the References. Collection is covered in how a Florida money judgment is collected, and more is on the civil litigation practice page.