florida documentary stamp tax exemptions


— 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. ). The exempt status of the document must be indicated by affixing the statement that is provided in label format on Form DR-229 (Documentary Stamp Tax - Section 201.02(6), F.S., Exemption, incorporated by reference in Rule 12B-4.003, F.A.C. 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 provision in Section 689.071(4), F.S., which defines the interest of a beneficiary under a trust agreement to be personal property only, does not exempt a transfer of the beneficial interest in the trust from documentary stamp tax. Government entities (e.g., government agencies, municipalities, and political subdivisions), not surprisingly, are exempt from documentary stamp tax. Under the Documentary Transfer Tax Act (California Revenue and Taxation Code §§ 11901- 11934), cities and counties may impose a tax on each deed or other recorded instrument transferring real property. The Florida Statutes do provide certain exceptions to the documentary stamp tax. Documentary stamp tax is payable by any of the parties to a taxable transaction. R&T = Revenue and Taxation Code. The Florida statutes currently impose a documentary stamp tax in the amount of 35 cents per $100 on promissory notes, non-negotiable notes, written obligations to pay money and assignments of salaries, wages or other compensation which are made, delivered, sold, transferred or assigned in Florida. 201.02(7) will be amended to provide a new exemption for documentary stamps for the intra-spousal conveyance of homestead property. For example, on real estate being purchased for $1 million, the documentary stamp taxes are $7,000 (or $10,000 in Miami-Dade). Only documentary stamp tax will be due since there is no Florida real property collateral. COMMON EXEMPTIONS TO DOCUMENTARY TRANSFER TAX . Exemptions. The Florida Documentary Stamp Tax Florida imposes a documentary stamp tax on transfers of real estate by deed at a rate of $.70 per $100 or part thereof of consideration. The provision in Section 1896 689.071(4), F.S., 1898 which defines the interest of a beneficiary under a trust agreement to be personal property only, does not exempt a transfer of the beneficial interest in the trust from documentary stamp tax. In Miami-Dade County, the tax rate is $0.60 per $100 for single family residences, with a $0.45 surtax on each $100 added for other types of property. Private individuals, for the most part, do not enjoy such exemptions. United States government agencies; Florida government agencies; and Florida’s counties, municipalities, and political subdivisions are exempt from documentary stamp tax. Florida imposes a documentary stamp tax of 70 cents ($1.00 in Miami-Dade) per $100 of the purchase consideration for the sale of real estate located in Florida. In all counties except Miami-Dade County, the Florida documentary stamp tax rate is $0.70 per $100 paid for the property. The documentary stamp tax on a $150,000 home would equal $1,050.00. As part of the Tax Package in HB 7087, F.S. Exceptions to the Documentary Tax. If one party is exempt, the tax is required of the nonexempt party.

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