A Parking Tax Collector Surety bond is a bond required by many state or city governments for any business in that jurisdiction that operates as a parking garage or parking lot. It is not a license to park tax free; rather it is a license to collect and remit taxes due to a state or local government for the fees these business collect. It is typically required by each location of a business within that jurisdiction. It assures that the business will remit the taxes due on time as well as serves as proof of financial responsibility and credibility of that business. Failure to pay the taxes on time can result in a claim these bonds are considered financial guarantee surety bonds. While they are often easier to place than other strict financial guarantee surety bonds, good credit is an essential requirement for surety companies to write parking tax surety bonds. If the credit of the business owners is not up to surety standards, they can be more difficult to place and may require collateral.
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