florida documentary stamp tax statute
Tax Due Per Unit % of Unit. Under current law, Florida Statute 201.02 imposes documentary stamps on most conveyances between spouses, if there is an underlying mortgage. The Florida documentary stamp tax is an excise tax levied on the documents described in Florida Statute Chapter 201. The mortgagor is liable for the payment of the tax from any funds paid to the mortgagor after the payment of prior claims of, or in connection with the foreclosure. Documentary Stamp Taxes are assessed on documents that transfer interest in Florida real property, such as warranty deeds and quit claim deeds. Chapter 201 EXCISE TAX ON DOCUMENTS. Government entities (e.g., government agencies, municipalities, and political subdivisions), not surprisingly, are exempt from documentary stamp tax. In our example, $100,000 times 0.007 equals a Documentary Stamp Tax of $700. Gen. Fla. 060-125 (July 29, 1960)) (b) The documentary stamp taxes cannot reduce the claim of the mortgagee when the mortgagee is an agent of the federal government. Documentary Stamp Tax – Deeds between Spouses. Fla. Stat. As an example, if a husband owned the property prior to the marriage, then added his spouse, and the mortgage balance was $300,000.00, the Department of Revenue would collect stamps on half the mortgage balance ($150,000). Ironically, if one owns real property, gets married later, and wishes to add his or her new spouse to title, documentary stamp taxes would be required. 2019 Florida Statutes < Back to Statute Search. View Individual Rules: Click on the word icon to view the latest rule version. (The Miami-Dade County rate is $.60 on all documents plus $.45 surtax on documents transferring anything other than a single-family residence). Additional taxes are charged for fuels, tobacco products, communications services, and more. The tax rate is $.35 per $100 (or portion thereof) and is based on the amount of the indebtedness or obligation secured, even if the indebtedness is contingent. By Michael Bowen and Russell Hale on June 25, 2019 Posted in Florida, Sales Tax, Use Tax. Document . Or click on the rule number to see the detail of the rule. There is a common misconception that a quit claim deed is not subject to documentary stamps. — The 10-cent tax increase in the documentary stamp tax levied by s. 2, chapter 92-317, does not apply to deeds and other taxable instruments relating to real property located in any county that has implemented the provisions of chapter 83-220, Laws of Florida, as amended by chapters 84-270, 86-152, and 89-252, Laws of Florida. Examples of document that may transfer interest in real property include: warranty deeds, deeds in lieu of foreclosure, and quit claim deeds. Fla. Stat. Generally, unless exempt, documentary stamp taxes are imposed on deeds that convey real property or any interest in real property at $0.70 per $100 or portion thereof of the consideration given or received in exchange for the property. Section 201.02, Florida Statutes, applies a documentary stamp tax to documents relating to the transfer of interests in real property. In reaching this holding, the Fourth District Court of Appeal cited to Florida Statutes 201.08(1)(b) and 199.282(4). [return to index] Tax Rates . Absent this action, Florida small businesses receiving these loans would have been subject to tax at the rate of 35 cents per $100 of principal (or portion thereof), subject to a maximum tax of $2,450. But there isn’t a limit on the documentary stamp tax due for mortgages or liens filed or recorded in Florida. The purpose of this paragraph is to impose the documentary stamp tax on the transfer for consideration of a beneficial interest in real property. Of particular note, the following tax law changes were enacted. If the property being transferred from the owner and the owner is the same person who retains a life interest in the property, the Florida Department of Revenue will not asses a full stamp tax. STAMP TAX Section 201.22, Florida Statutes, requires that the excise tax on documents "shall be applicable to transactions covered by the Uni-form Commercial Code to the same extent that it would be if the Code had not been enacted."' However, these laws do not exempt the document from documentary stamp tax. Proof of exemption under special laws, if applicable; Proof of payment of documentary stamp tax paid upon the original issue of the stock, if applicable. Documentary stamp tax is due on a mortgage, lien, or other evidence of indebtedness filed or recorded in Florida. DOCUMENTARY. 201.02. Taxable Base. § 201.02. Real property being transferred due to a divorce is exempt by statute from documentary stamp taxes. 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