Whenever property transfers from one party (grantor) to another party (grantee), certain documents need to be recorded in the public records to give constructive notice. In order to record the required documents in the county records, certain transfer taxes must be paid.
Below you’ll find a table with the three main taxes in Florida (excluding Miami-Dade), what they are calculated off of, and what the tax rate is. Then, below the table is a step-by-step video that will walk you through how to calculate each of the taxes as well as a practice question to help you prepare for how you will see it on the Florida real estate state exam.
State Transfer Taxes
|
Transfer Tax Name
|
Calculated Using
|
Tax Rate
|
|---|---|---|
|
Documentary Stamp Tax on the Deed
|
Purchase Price
|
$0.70 per stamp
|
|
Documentary Stamp Tax on the Note
|
Loan Amount (All Loans)
|
$0.35 per stamp
|
|
Intangible Tax on the Mortgage Lien
|
Loan Amount (New Only)
|
$0.001 per $1
|
VIDEO:
Now that you have the basics, watch the video below as Kevin Johnson walks you through calculating each of the taxes.
