When secured by a lien on real property in Florida, the maximum amount allowed under the line is subject to the nonrecurring tax. If there is no financing involved, then the documentary stamp tax will be calculated based upon the sales price of the property itself at a rate of $0.70 per $100 of value. The only county in Florida with a different schedule is free-thinking Miami Dade County where the rate is $0.60 per $100 of value when the property is a single family residence. (e) Any person registered with the Department for documentary stamp tax purposes is required to file a Documentary Stamp Tax Return for Registered Taxpayers (form DR-225B, incorporated by reference in Rule 12B-4.003, F.A.C.) Florida Doc Stamp Info. 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. The amount of this tax, which is slightly more than .0035 times your loan amount (or just over $35 for a $10,000 loan), will be added to your loan amount if your loan request is approved and funded. and remit the tax due. (p) Line of Credit – based on the outstanding balance on January 1 of each tax year when not evidenced by a note secured by a mortgage or other lien on Florida real property. In Florida, that fee is known as the "doc stamp tax." Unlike Florida property taxes, the doc stamp tax is not a legitimate federal income tax deduction. (3) If the mortgage, deed of trust, or other lien secures a line of credit, the nonrecurring tax shall be paid as provided in s. 199.135 on the maximum amount of the line of credit, except as limited by s. 199.133, and no further nonrecurring tax shall be due on any borrowing under the line of credit. In our example, $100,000 times 0.007 equals a Documentary Stamp Tax of $700. Most state governments charge a fee of some sort for transferring a title to real estate from one person to another. The tax is also levied on bonds, mortgages and liens. THIS SECURED LINE OF CREDIT AGREEMENT (this “ Agreement ”) dated as of the 1st day of February, 2007, between FURSA ALTERNATIVE STRATEGIES, LLC, a Delaware limited liability company, having an address at 200 Park Avenue, 54th floor, New York, New York 10166 (the “ Lender ”) and CARSUNLIMITED.COM, INC., a Nevada corporation, having an address at 305 Madison Avenue, … If the result is higher than $2,450 and the document is a written obligation for debt, then cap the tax at $2,450. Under Florida law we are required to collect and transmit to the State of Florida, on your behalf, a documentary stamp tax. Multiply the amount subject to tax by 0.007 if the document transfers real property in Florida or 0.0035 if the document is executed or delivered in Florida. Renewal loans, though, are considered to be exempt from tax provided certain rules are followed. (28) Note Executed and Delivered: All notes or written obligations to pay money delivered to the lender, such as master notes and notes drawn in connection with a line of credit, letter of credit, bail bond, or otherwise, executed in Florida or approved and accepted in Florida, are subject to Florida documentary stamp tax. These docstamp fees could add up to big money especially on … When completing transactions in the State of Florida that involve a promissory note or other unconditional obligation, a document stamp ("doc stamp") fee of $0.35 for every $100 indebtedness typically applies. The Florida Documentary Stamp Tax Florida imposes a documentary stamp tax on transfers of real estate by deed at a rate of $.70 per $100 or part thereof of consideration. , the maximum amount allowed under the line is subject to the state of Florida, the doc Info... 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