The Florida documentary stamp tax has broad applicability, applying to deeds, instruments, or writings whereby lands, tenements, real property, or interests therein are granted or transferred to the purchaser or any other person by his or her direction. Att’y. 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. Beyond this statement of legal fact, the statute makes a further requirement: 201.133 Payment of tax on documents not to be recorded; certificates of registration. In our example, $100,000 times 0.007 equals a Documentary Stamp Tax of $700. By Michael Bowen and Russell Hale on June 25, 2019 Posted in Florida, Sales Tax, Use Tax. Multiply the amount subject to tax by 0.007 if the document transfers real property in Florida or 0.0035 if the document is executed or delivered in Florida. In reaching this holding, the Fourth District Court of Appeal cited to Florida Statutes 201.08(1)(b) and 199.282(4). Or click on the rule number to see the detail of the rule. The Florida legislature recently wrapped up its 2019 session. CS/HB 7087/ Taxation (Interspousal transfer and exemption from documentary stamp): Amends Florida Statute section 201.02. Government entities (e.g., government agencies, municipalities, and political subdivisions), not surprisingly, are exempt from documentary stamp tax. The purpose of this paragraph is to impose the documentary stamp tax on the transfer for consideration of a beneficial interest in real property. The deed will be assessed a minimum documentary stamp at the time the property is first conveyed. Documentary Stamp Tax: Pursuant to §201.02, Florida Statutes, subject only to a few specifically enumerated exceptions beyond the scope of this article, documentary stamp tax is due on instruments conveying an interest in real property at the rate of 70 cents per $100.00 of consideration (e.g., on a $100,000.00 sale, the documentary stamp tax due is $700.00). When you have reached a category that has documents, they will be displayed here. 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. (b) The documentary stamp taxes cannot reduce the claim of the mortgagee when the mortgagee is an agent of the federal government. 2019 Florida Statutes < Back to Statute Search. 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. It is not uncommon for a husband or wife to transfer property between the two of them. For the first category (notes and other written obligations to pay), Florida law caps the total documentary stamp tax at $2,450.00. Original Issue of Shares of Stock with par value Original Issue of Shares of Stock without par value. The category hierarchy is displayed in a list. In general, documentary stamp taxes are: Determined based on the consideration given for the transfer. Documentary Stamp Tax – Deeds between Spouses. Fla. Stat. Documentary Stamp Taxes are assessed on documents that transfer interest in Florida real property, such as warranty deeds and quit claim deeds. On Monday, Governor DeSantis issued Executive Order Number 20-95, which provides that the Florida documentary stamp tax would not apply to any of these loans. 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. 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. From Chapter 201, of the State of Florida Statutes: Documentary stamp tax is levied at the rate of $.70 per $100 (or portion thereof) on documents that transfer interest in Florida real property, such as warranty deeds and quit claim deeds. Pursuant to Florida Statute Section 201.02, a documentary stamp tax is imposed on all documents that transfer interest in Florida real property. [return to index] Tax Rates . Under current law, Florida Statute 201.02 imposes documentary stamps on most conveyances between spouses, if there is an underlying mortgage. Below is a listing of the sales and use tax tutorials we offer: 2YHUYLHZ RI 6DOHV DQG 8VH 7D[ IRU %XVLQHVV 2ZQHUV +RZ WR &RPSOHWH 6DOHV DQG 8VH 7D[ 5HWXUQV +RZ WR &DOFXODWH DQG 3D\ (VWLPDWHG … However, these laws do not exempt the document from documentary stamp tax. View Individual Rules: Click on the word icon to view the latest rule version. DOCUMENTARY STAMP TAX: Add to MyFLRules Favorites: View Chapter: 12B-4. The provisions of this paragraph are to be construed liberally to effectuate this purpose. There is a common misconception that a quit claim deed is not subject to documentary stamps. 174 . Section 201.02, Florida Statutes, applies a documentary stamp tax to documents relating to the transfer of interests in real property. — 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. Florida collects taxes on many other goods and services residents pay for. § 201.02(1)(a). Chapter 201 EXCISE TAX ON DOCUMENTS. Examples of document that may transfer interest in real property include: warranty deeds, deeds in lieu of foreclosure, and quit claim deeds. 201.02. (1960 Op. § 201.02. But there isn’t a limit on the documentary stamp tax due for mortgages or liens filed or recorded in Florida. The tax rate of this excise tax is applied to the amount of consideration for the transfer. Private individuals, for the most part, do not enjoy such exemptions. Of particular note, the following tax law changes were enacted. Section 201.02 of the Florida Statutes governs certain transfers or conveyances that are subject to documentary stamp taxes. Taxable Base. If you have run into trouble on documentary stamp tax issues, contact a Florida sales tax attorney from our firm for assistance. SECTION 133 Payment of tax on documents not to be recorded; certificates of registration. 225 (b) The documentary stamp taxes cannot reduce the claim of the mortgagee when the mortgagee is an agent of the federal government. Florida’s documentary stamp tax [see Rule 12B-4.002(2), Florida Administrative Code (F.A.C)]. Fla. Stat. 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