The three taxes on a Florida purchase
- Deed stamps. $0.70 for every $100 of the price, or part of $100, in 66 counties. A $650,000 sale pays $4,550.
- Note stamps. $0.35 per $100 of the new mortgage. A $520,000 loan pays $1,820.
- Intangible tax. A one-time 0.2% tax on a new mortgage recorded in Florida. On $520,000 that is $1,040.
A cash buyer pays no note stamps or intangible tax. Those two only apply when a mortgage is recorded.
Miami-Dade is different
Miami-Dade County uses a lower base rate of $0.60 per $100 on deeds. When the property is anything other than a single-family residence, such as a condo, townhouse, duplex or commercial building, a surtax of $0.45 per $100 is added, for $1.05 in total. On a $650,000 condo that is $6,825 instead of $3,900 for a house at the same price.
Who pays
Florida law lets the parties decide, but the standard Florida Realtors/Florida Bar contracts put the deed stamps on the seller and the note stamps and intangible tax on the buyer, because they come with the buyer's loan. Most local agents never change this. A new-construction contract from a builder can shift costs to the buyer, so read that section before signing.
When the tax is paid
The title company collects the money at closing and pays it to the county clerk when the deed and mortgage are recorded. You will see each amount as a separate line on the closing disclosure or settlement statement.
Questions
Do I pay doc stamps on a cash purchase?
The seller still pays deed stamps. The buyer pays no note stamps or intangible tax because no mortgage is recorded.
Is a townhouse in Miami-Dade a single-family residence?
For the surtax exemption the deed must convey only a single-family residence. Condos and most attached units pay the $0.45 surtax. Confirm with your title company for a specific property.
Do I pay doc stamps again when I refinance?
Yes on the new loan amount, for both note stamps and intangible tax. There are no deed stamps because the property does not change hands.
