As described above, the documentary stamp tax will be an amount equal to 35 cents per $100.00 of the amount financed unless the loan amount is $700,000.00 or more, in which instance the maximum amount of tax payable is capped at $2,450.00. 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. warning, are not guaranteed, and should not be relied upon. If you would like to learn how Lexology can drive your content marketing strategy forward, please email enquiries@lexology.com. Contact Us | (1) County Comptroller or Clerk of the Circuit Court. 1. estimated and are for illustrative purposes. Fee Type. Mortgages; and 5. This tax would apply to the following: 1. planners, mortgage relief counselors, lenders, brokers, originators, Ask Kate: Refinancing Advice - Documentary Stamp Tax Kate, I refinanced about 3 years ago in Florida. Documentary stamps at the rate of .35 cents on each $100 or fraction thereof on the amount of the note (or $3.50 per $1,000). In this situation, both documentary stamp tax and intangible tax will be due upon recording of the mortgage or lien in Florida securing the indebtedness. The tax is a documentary stamp tax. Rates, loan programs, and Generally, in Florida, a written promise to pay a sum certain, executed or delivered in the state, is subject to documentary stamp tax at the rate of 35 cents per $100 of the obligation. Now the state of Florida is asking me to pay some sort of tax that was not paid by the refinance company back then. This tax applies to warranty deeds, quit claim deeds and similar documents. Sitemap K-Z | Deed. Mortgage Calculator. If the latter case, the mortgage would not be subject to the non-recurring intangible tax. In our state, documents that transfer interest in Florida real property, are assessed what is known as a "documentary stamp tax." The State of Florida has preserved a unique, arguably antiquated stream of revenue since 1931. There is no general exception to this rule for transfers between spouses. and opinions found here are not necessarily those of Whether the seller alone or both the seller and buyer pay documentary stamp taxes depends on the type of transaction. Privacy Policy | Terms | Disclaimer | Buyers and sellers of real estate in Florida have some familiarity with the documentary stamp tax as it invariably shows up on their settlement statements as a closing cost. Documentary stamps are $5,250 calculated on the mortgage balance amount. Florida documentary stamps and intangible tax. Mortgage. The next generation search tool for finding the right lawyer for you. For deeds click here. 1) The trial court reserved ruling on the motion for directed verdict. book 6218 at page 4333 of the public records of orange county, florida. Intangible tax per $100 of borrowed money: $0.20. They are the Florida documentary stamp (“promise to pay”) tax and the Florida non-recurring intangible personal property tax. Documentary stamp tax is due on a mortgage, lien, or other evidence of indebtedness filed or recorded in Florida. Get-Your-Best-Mortgage-Rate.com and its owners. (a) County Comptroller or Clerk of the Circuit Court – Each County Comptroller, or if there is none, then Clerk of the Circuit Court This amendment created a new exemption from documentary stamp taxes for certain instruments (i.e., deeds) that transfer encumbered (a/k/a properties with mortgages) homestead property between … Bonds (original issuance); 4. Surtax 0.00 Florida Mortgage Doc Stamps 0.00 Florida Intangible Tax 0.00 Deed Doc Stamps 0.00 What You Need To Know About Construction Weather Delay Claims, Business Interruption Claims and the Virus, Eleventh Circuit on Arbitration Agreements: Contracting Parties Must “Live With The Results”, Florida tax issues in commercial real estate and related financing transactions, Availability of a no mortgage tax, recording tax, intangibles tax or documentary stamp tax opinion in Wisconsin, Country survey: taking security over CIS real estate.