Deeds
The
tax rate
for
documents
that
transfer
an
interest
in real
property
is $.70
per $100
(or
portion
thereof)
of the
total
consideration
paid, or
to be
paid,
for the
transfer.
An
exception
is
Miami-Dade
County,
where
the rate
is $.60
per $100
(or
portion
thereof)
when the
property
is a
single-family
residence.
If the
Miami-Dade
property
is
anything
other
than a
single-family
residence,
the tax
rate is
$.60
plus
$.45
surtax
per $100
(or
portion
thereof).
Notes
and
Other
Written
Obligations
to Pay
Money
The
tax rate
on a
written
obligation
to pay
money is
$.35 for
each
$100 (or
portion
thereof)
of the
obligation
evidenced
by the
document.
Tax is
due on a
document
that
contains
a
promise
to pay a
specific
amount
of money
and is
signed,
executed,
or
delivered
in
Florida.
The
maximum
amount
of
documentary
stamp
tax due
on
unsecured
notes or
other
written
obligations
to pay
money is
$2,450.
Examples
include:
-
Demand
notes
-
Term
notes
-
Retail
installment
sale
contracts
-
Certain
renewal
notes
-
Title
loans
Mortgages,
Liens,
and
Other
Evidences
of
Indebtedness
Documentary
stamp
tax is
due on a
mortgage,
lien, or
other
evidence
of
indebtedness
filed or
recorded
in
Florida.
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.
When a
mortgage,
lien, or
other
evidence
of
indebtedness
is given
to
secure a
previously
unsecured
indebtedness
or
obligation
upon
which
the
maximum
tax of
$2,450
was
paid,
tax is
due on
the full
amount
of the
indebtedness
or
obligation
secured,
minus
the
$2,450
already
paid.
Florida Tax Information
The property tax is Florida's largest local
government revenue source. Property tax revenues play a major role
in financing public education, fire and police protection and other
public services. Statewide, counties, cities and special taxing
authorities levied more than $15.3 billion in property taxes in 2000
on more than 9.6 million parcels valued at over $1.02 TRILLION. This
makes the property tax the second largest tax administered by
government in Florida, ranking only slightly behind the State's
sales and use tax.
Will You Purchase a Home or Business Property, Apply for a Mortgage
or Loan, or Purchase Bonds?
Documentary stamp tax is levied on documents that transfer interest in
Florida real property, such as warranty deeds and quit claim deeds. This tax is
typically paid to the Clerk of Court at the time the document is recorded.
Documentary stamp tax is also levied on notes, certain renewal notes, bonds,
and other written obligations to pay money executed, signed or delivered in
Florida and mortgages and other liens filed or recorded in Florida. The tax is
paid to the Clerk of Court if the document is recorded, or sent directly to the
Department of Revenue, if not recorded.
Sales Tax
Florida's general sales tax rate is 6 percent. Each retail sale, admission
charge, storage, use, or rental is taxable, along with some services. Some items
are specifically exempt. Some counties impose a discretionary sales surtax in
addition to the 6 percent state tax. The county tax rates can range from .25 to
2.5 percent, and are levied on the first $5,000 of the purchase price. The
$5,000 limit does not apply to commercial rentals, transient rentals, or
services. Consumers pay sales tax and any county-imposed taxes to the seller at
the time of purchase.
Florida
does not impose personal income, inheritance, or gift taxes.
However, there are other taxes and fees that, in certain counties or
circumstances, Florida residents may be required to pay, such as: convention
development tax, local option tourist tax, fuel, communications services tax,
gross receipts tax, lead-acid battery fee, new tire fee, motor vehicle fee
(Lemon Law), or rental car surcharge.
Motor Vehicle Registration and Taxes
Florida's 6 percent use tax applies to and is due on motor vehicles brought
into this state within 6 months from the date of purchase. If the purchaser
resides in a county that imposes a discretionary sales surtax, that tax also
will apply. Use tax and discretionary sales surtax do not apply if a like tax
equal to or greater than 6 percent has been lawfully imposed and paid to another
state or District of Columbia.
It is presumed that a motor vehicle used in another state, territory of the
United States, or District of Columbia for 6 months or longer before being
brought into Florida was not purchased for use in Florida. To qualify for
exemption from use tax, you must provide documents to prove that the vehicle was
used outside Florida for 6 months or longer.
The full amount of use tax (6 percent) applies and is due on any motor
vehicle imported from a foreign country into Florida. It does not matter if the
motor vehicle was used in another country for a period of 6 months or more prior
to the time it is brought into Florida. Furthermore, Florida does not recognize
tax paid to another country when calculating the tax due. The tax is calculated
on the value of the vehicle at the time it is brought into Florida, not on the
original purchase price.
For information on registration costs, regulations, driver licenses and
minimum liability insurance coverage requirements, contact the Department of
Highway Safety and Motor Vehicles. Visit their Internet site at
www.hsmv.state.fl.us/dhsmv/newflres.html or call 850-617-2000.
Payment of tax due on motor vehicle registrations and the purchase of Florida
license tags may be handled at the local county tax collector's office.
