Florida’s Intangible Tax and Mortgage Tax Stamp Big Cost for Seniors!

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Florida Department of Revenue, Documentary Stamp Tax, Page 2 Bonds Documentary stamp tax is due on the original issuance of bonds in Florida. The tax rate is $.35 per $100 (or portion thereof) based on the face value of the bond. Notes and Other Written Obligations to Pay Money

 · Currently, the intangible tax is imposed at the rate of $1.50 per $500, or $3 per $1,000, based upon the loan amount. That means a person financing a property for $550,000 pays $1,650 in intangible tax. Georgia’s limit on the intangible mortgage tax is $25,000, but that would involve a mortgage totaling over $8 million.

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The intangible tax on the mortgage is: $208,800 X .002 = $417.60. John is a real estate licensee in Georgia who wants a Florida real estate license. As long as John remains a Georgia resident, which of the following is an option for John when acquiring a Florida license?

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Documentary stamp taxes (also known as doc stamps or excise taxes) are taxes imposed by Florida law on transactions involving the transfer of ownership or interest in real estate. They are calculated, for recording purposes, as a percentage of either the consideration amount for a deed or the obligation amount for a mortgage.

Tax Issues of Reverse Mortgages. Moreover, your mortgage interest deduction is usually subject to the same limits as other home equity loans-that is, you can deduct the interest on no more than a loan of $100,000.

State of Florida’s documentary Stamps & Intangible Tax. Enter the Mortgage value of the home: Your Stamps fee is: Your intangible tax fee is: When you are finished Click Here Master Title Service, Inc. 6337 River Road – New Port Richey, Florida 34652 VOICE 727-848-4909 FAX 727-846-9488

Florida ‘ s intangible personal property tax was an annual tax on the market value of intangible property, such as stocks, bonds, and mutual fund shares, owned by Florida residents and businesses. In 2006, the Florida legislature repealed most parts of the tax effective January 1, 2007 (Ch. 312 (H.B. 209), Laws 2006).

Intangible tax is calculated on the loan amount shown in the note. Not all states require intangible tax on loans, and those that do can vary in the amount. Florida’s fee amount for this tax is $.20 per $100 or $2 per $1,000 of lended money.