When you buy property in the Sunshine State, you can expect to pay a transfer tax as part of your real estate transaction. Here’s how the state’s revenue department details what is transfer tax in Florida: “Deeds and other documents that transfer an interest in Florida real property are subject to documentary stamp tax. Regardless of where the deed or other document is signed and delivered, documentary stamp tax is due.”
Who pays transfer tax in Florida?
“All parties to the document are liable for the tax regardless of which party agrees to pay the tax,” according to the revenue department. Legal real estate experts agree it’s usually the seller.
How much is transfer tax in Florida?
Your Lang Realty agent will help you do the math. “In all Florida counties except Miami-Dade, the tax rate imposed on documents subject to tax is 70 cents on each $100 or portion thereof of the total consideration,” according to the revenue department.
“The tax rate for Miami-Dade County is 60 cents on each $100, or portion thereof, of the total consideration. Miami-Dade County also has a surtax of 45 cents on each $100, or portion thereof, of the total consideration. The surtax is not due on a document that transfers only a single-family dwelling.” Who gets the tax depends on the county where you’re buying property. The “tax is paid to the county clerk of court or a recording official when the document is recorded. When a taxable document is not recorded, the tax must be paid directly to the Florida Department of Revenue.”
