Documentary Stamp Tax |
Which Documents Require Documentary Stamps?
Documentary stamp taxes are levied on documents as provided under Chapter 201, of the Florida Statues. Documents subject to the tax include, but are not limited to: |
- Deeds
- Stocks and Bonds
- Notes and written obligations to pay money
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Deeds
The tax rate for transfer of an interest in real property is $.70 on each $100 (or portion thereof) of the total consideration paid, for the transfer. An exception is Miami-Dade County, where the rate is $.60 plus $.45 discretionary surtax.
Examples of documents that may include a transfer of interest in real property include the following: |
- Warranty Deeds
- Quit Claim Deeds
- Contracts for timber, gas, oil or mineral rights
- Easements
- Contracts or agreements for deed
- Assignments of contract or agreement for deed
- Gifts
- Assignments of leasehold interest
- Assignments of beneficial interest in a trust
- Deeds in lieu of foreclosure
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| Consideration generally consists of: |
- Money paid or to be paid
- Discharge of an obligation
- Mortgage or other lien encumbering the property
- Stock or an increase in stock value
- Exchange of property
- Interest in an artificial entity
- Any other consideration which has value
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When the consideration paid or exchanged for real property is property other than money, the consideration is equal to the fair market value of the real property.
A deed transferring an interest in Florida real property between a husband and wife, including when a spouse's name is added to a deed, is subject to documentary stamp tax. In most cases, the amount of tax is based on half the amount of the unpaid balance of any mortgages. However, documentary stamp tax is not due if the marital home is transferred within a year of a divorce and the transfer occurs on or after July 1, 1997. |
Stocks and Bonds
Documentary stamp tax is due upon the original issuance of stocks and bonds in this state. The tax rate is $.35 per $100 (or portion thereof) based upon the face or par value of the stock certificate or the face value of the bond. If a stock certificate is issued without face value, the tax applies to the actual value. |
Notes and Written Obligations to Pay Money
The tax rate on a written obligation to pay money is $.35 for each $100, or fraction 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. |
Exemptions
Documentary stamp tax is generally payable by any of the parties to a taxable transaction. If one party is exempt, the tax is required of the nonexempt party. United States government agencies; Florida government agencies; and Florida's counties, municipalities, and political subdivisions are exempt from documentary stamp tax.
Certain documents are specifically exempt from documentary stamp tax by Florida Statues or Congress. |
Penalty and Interest
Any document that, upon audit or when recorded, does not contain evidence of the proper amount of the tax paid is assessed a penalty of 10 percent of the amount of taxed owed per month, not to exceed 50 percent of the tax not paid. A minimum penalty is assessed on late returns, even if no tax is due.
A floating rate of interest applies to underpayments and late payments of tax. The rate is updated January 1 and July 1 of each year by using the formula established in section 213.234, Florida Statues. For current and prior year interest rates, call Taxpayer Services Monday thru Friday, 8:00 am to 7:00 pm, ET at 1-800-352-3671 (in Florida only) or 850-488-6800. TDD line at 1-800-367-8331 or 850-922-1115. |
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