When a mortgage secures a note, the documentary stamp tax must be paid on the mortgage, with a notation made on the note … If the mortgage limits recoverability to an amount less than the face amount of the note, then documentary stamp tax is due on the limitation of the mortgage (or the cap of $2,450.00 if the loan amount is $700,000.00 or more and the mortgage is limited to less than that amount). var date = new Date(); 201.08 Tax on promissory or nonnegotiable notes, written obligations to pay money, or ... similar language along with the certificate of registration number shall be made on each individual document requiring tax: “Florida documentary stamp tax required by law in the amount of $ has been paid or will be paid directly to the Department of Revenue. DOCUMENTARY STAMP TAXES HAVE BEEN PAID UPON THE RECORDING OF THE MORTGAGE SECURING THIS CONSOLIDATED, AMENDED AND RESTATED PROMISSORY NOTE . Florida’s Constitution prohibits a state income tax and would be very difficult to amend. The tax rate is $.35 per $100 (or portion thereof) based on the face value of the bond. THE PROPER FLORIDA DOCUMENTARY STAMP TAXES IN THE AMOUNT OF $11,984.89, BASED UPON THE INCREASED LOAN AMOUNT OVER THE OUTSTANDING PRINCIPAL BALANCE OF THE ORIGINAL NOTE AMENDED AND RESTATED HEREBY, HAVE BEEN PAID UPON RECORDING THE CONSOLIDATED, AMENDED AND RESTATED MORTGAGE AND SECURITY AGREEMENT SECURING THIS NOTE AND … If you are using any other web browsers, this site may not appear or function as designed. $('.cookie_content_stip_div').css('display', 'none'); Currently, promissory notes are taxed at a rate of $.35 per $100 and the tax is paid through the Florida Department of Revenue. The promissory note and other loan documents then may be brought into the State of Florida for safekeeping. The Florida statutes currently impose a documentary stamp tax in the amount of 35 cents per $100 on promissory notes, non-negotiable notes, written obligations to pay money and assignments of salaries, wages or other compensation which are made, delivered, sold, transferred or assigned in Florida. This must be paid to the Florida Department of Revenue. Documentary Stamp Tax: Pursuant to §201.02, Florida Statutes, subject only to a few specifically enumerated exceptions beyond the scope of this article, documentary stamp tax is due on instruments conveying an interest in real property at the rate of 70 cents per $100.00 of consideration (e.g., on a $100,000.00 sale, the documentary stamp tax due is $700.00). Miami-Dade County; Other Counties; Single Family Dwelling. As described above, the documentary stamp tax will be an amount equal to 35 cents per $100.00 of the amount financed unless the loan amount is $700,000.00 or more, in which instance the maximum amount of tax payable is capped at $2,450.00. The “documentary stamp tax” is an excise tax imposed on obligations to pay money. The State of Florida Department of Revenue presumes a note was executed in Florida if the note is made payable to a Florida lender and held in the Florida lender’s files. Yes; No; Sales Price; Loan Amount; Surtax 0.00 Florida Mortgage Doc Stamps 0.00 Florida Intangible Tax 0.00 Deed Doc Stamps 0.00. This return shall be filed in triplicate by the following person making, signing, issuing, accepting or transferring the document or facility evidencing transaction: 1. date.setTime(date.getTime() + (minutes * 60 * 1000 * 24 * 30)); The same tax rate applies to mortgages and other evidences of indebtedness recorded in the state. Property Location. The tax applies to all promissory notes, non-negotiable notes and written obligations to pay money, which are “made, executed, delivered, sold, transferred or assigned” in Florida, and for each renewal of … b. $7,550,000.00. Generally, in Florida, a written promise to pay a sum certain, executed or delivered in the state, is subject to documentary stamp tax at the rate of 35 cents per $100 of the obligation. $('.accept_cookies_opt').click(function(){ Documentary stamp tax is due on the original issuance of bonds in Florida. Documentary stamp taxes on notes or other promises to pay are payable at the rate of $.35 for every $100 (or fraction) of indebtedness secured by a mortgage on Florida … There are two types of tax that the lender should be aware of: Loan executed in Florida – secured by Florida real property: Loan executed in Florida – not secured by Florida real property, Loan executed outside of Florida – secured by Florida real property, Loan executed out of Florida – not secured by Florida real property (Note: This applies only to Florida lenders.). We are proud to have so many clients share their experience with Starfield and Smith. Florida law imposes documentary stamp taxes on promissory notes executed in the state of Florida. The note is the document that creates and explains the debt, shows the loan amount and explains how the debt will be repaid. Proof sufficient to establish that a note is not subject to tax includes: (1) a sworn affidavit made before an out-of-state notary public at the time of signing of the note by the borrower. The amount of this tax is equal to $0.35 per $100 of the face value of the promissory note. THIS CONSOLIDATED, AMENDED AND RESTATED PROMISSORY NOTE (the “ Note ”) is made and entered into as of the 12 th day of August, 2011, by and between MARINA TOWERS, LLC, a Florida … Failure to collect the necessary funds at closing could place the lender in the difficult position of having to pay any unpaid tax when the instruments are recorded. The tax is imposed at the rate of 35 cents per $100 of face value, although obligations that are not secured by real property are now [thankfully] subject to a $2,450 cap in the tax. Oddly, though, a common stumbling block to the enforcement of promissory notes … $(document).ready(function () { 201.08 Tax on promissory or nonnegotiable notes, written obligations to pay money, or ... similar language along with the certificate of registration number shall be made on each individual document requiring tax: “Florida documentary stamp tax required by law in the amount of $ has been paid or will be paid directly to the Department of Revenue. Again, intangible tax will be due at the at the rate of 2 mills on each dollar of the just valuation of the note or other obligation for the payment of money which are secured by a mortgage upon real property situated in the state of Florida. The Florida documentary stamp (“promise to pay”) tax is due in the amount of $.35 on every $100 (or fraction thereof) of indebtedness secured by a mortgage on Florida real property. Banks and private parties use them regularly and the law that has grown up around them is … Additionally, … New York, New York . Based on the foregoing authority, it is my opinion that no documentary stamp tax is due under s. 201.08, F. S., on the promissory notes described under the first factual situation above. Although the facts set forth indicate that a Florida lending institution receives in Florida an application for a loan from an out-of-state borrower and approves the loan within the state, the facts further show that the promissory note … A lender that either: (i) finances a loan in the state of Florida, whether or not the loan is secured by Florida real property; or (ii) secures an out-of-state loan with Florida real property collateral should be careful to calculate and collect at closing the amount of documentary stamp tax and intangible tax (if applicable) due and payable to the State of Florida Department of Revenue. 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