If the name of this tax is new to you, exactly what is a documentary stamp tax?
The Florida Department of Revenue defines it as “an excise tax imposed on certain documents executed, delivered, or recorded in Florida. The most common example is documents that transfer an interest in Florida real property, such as deeds…and written obligations to pay money, such as promissory notes, and recorded mortgages.” This “tax is paid to the county clerk of court or a recording official when the document is recorded,” the department notes.
Who pays documentary stamp tax in Florida?
Florida’s documentary stamp tax often falls to the seller. How much are documentary stamps in Florida? The rate may fluctuate, and an online search says at least $0.70 per every $100 of value throughout most of the sunshine state. Rates vary for single-family homes and other types of property. In Palm Beach County, the Clerk of the Circuit Court and Comptroller provides this calculator: Palm Beach County Recording Fee Calculator
“Taxpayers who paid $5,000 or more in documentary stamp tax during the most recent state fiscal year (July 1 — June 30) are required to file and pay electronically during the next calendar year,” according to the revenue department. Your Lang Realty agent will advise you at which point and who will record the deed when you buy residential property here in south Florida. And if you’re obligated to continue paying the tax. Here’s everything you’ll want to know about Florida’s documentary stamp tax: Florida Documentary Stamp Tax
