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

Whether an assumption of mortgage agreement between the mortgagor and his grantee is subject to the documentary stamp tax has been the subject of prior opinions of this office. In AGO 062-157, it was concluded that no tax was due on the assumption agreement when the original obligor (mortgagor) is not released therefrom.

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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.

of equal value. A documentary stamp tax will be due on the deed transferring the property in an amount equal to $1,400 ($200,000/100 x .70). Additionally, a documentary stamp tax will be imposed on the mortgage in the amount of $350 ($100,000/100 x .35).

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The tax rate for this state intangible tax on new mortgages is two mills, $.002 or two tenths of one cent per dollar of debt. State documentary stamp tax on notes The state requires the payment of a documentary stamp tax on notes for all executed notes and written promises to pay money.

(14) conditional sales contracts – Executed Outside Florida and Assigned to Florida Finance company: conditional sales agreements, evidencing the sale of motor vehicles, from a customer to a motor vehicle dealer in Georgia, discounted and assigned to a finance company doing business in Florida, are not subject to documentary stamp taxes under.

Recording the Security Instrument. The collecting officer will collect the intangible recording tax due from the holder of the security instrument. The collecting officer will then attach a certificate to the security instrument indicating that the tax has been paid. The tax for recording the note is at the rate of $1.50 for each $500.00.

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.

Florida’s Intangible Tax And mortgage tax stamp big cost For Seniors!. In the State of Florida where the economic tidal wave has hit almost every corner of the state hard financially, the 7.4 million seniors are hit the hardest – PR10162103

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