How do you work out the cost of doc stamps on a 200,000 loan surrounded by florida?
Answers:
There are two taxes on a loan within Florida.
1. Documentary import tax stamp of $0.35 per $100 or any fraction thereof. For $200,000 that would be $700.
2. Intangible charge on the mortgage is 2 mills of the total amount of the loan. So, for $200,000 that would be $400.
So, the total import tax for the loan would be $1100.
Hope that help!
That would depend on the local export tax rate of the property. Contact the local export tax department of the county you are buying the property in for a correct answer.
The best course is to name your title insurance company where on earth you are going to close. Every municipality is different. Here in Chicago the peddler pays the state .50 on every $500, the merchant pays the county .25 on every $500 and the buyer pays the city $3.75 on every $500. So a $100,000.00 purchase price should first be divided by $500 and that would equal 200, afterwards multiply 200 by respectively so, the county would bring $50.00, the state would get hold of $100.00 and the city would win $750. Each city, county and state differs. The stamps they administer you when the export tax is compensated are stuck to the actual artistic Deed of conveyance, the Recorders department later see the taxes hold be compensated. A Title Company or your realtor or attorney would be responsible for figure it out and taking from the proceeds or bread to close.