What are intangible taxes in the state of Florida?

The “intangible tax” is a nonrecurring tax on intangible personal property levied on obligations for payment of money which are secured by a mortgage or other liens upon real property located in the state of Florida. §199.133, Fla. Stat.

Does Florida have intangible taxes?

Nonrecurring Intangible Tax. Chapter 199, Florida Statutes (F.S.), imposes nonrecurring intangible tax on obligations to pay money to the extent the obligation is secured by a mortgage or lien on Florida real property. The tax is due even if the mortgage or lien is not recorded or filed in Florida.

Who is exempt from intangible tax in Florida?


For single filers, businesses, and trusts, the first $250,000 of property value was exempt; for joint filers, the exemption was $500,000.

What does intangible tax mean?

Legal Definition of intangible tax

: a tax imposed on the privilege of owning, transferring, devising, profiting by, or otherwise dealing with or benefiting from intangibles.

Who pays intangible tax in Florida buyer or seller?

Intangible tax on mortgages is paid to the State of Florida upon recording the mortgage and is collected at closing. This tax is calculated by multiplying the amount of the promissory note by 0.2%. This tax is typically paid by the buyer/borrower.

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What taxes do residents of Florida pay?

There is no personal income tax in Florida.

  • Florida Sales Tax: Florida sales tax rate is 6%.
  • Florida State Tax: Florida does not have a state income tax.
  • Florida Corporate Income Tax: Corporations that do business and earn income in Florida must file a corporate income tax return (unless they are exempt).

Are all credit unions exempt from intangible tax in Florida?

Section 1768 of Title 12 of the United States Code exempts federal credit unions from all taxes imposed by the United States or by any state, territorial, or local taxing authority, except for local real or personal property tax. … The Florida Legislature repealed the annual intangible tax effective January 1, 2007.

What is Florida’s intangible tax on a new mortgage of $10000?

The rate is 0.2 percent of the amount secured.

How much are doc stamps and intangible tax in Florida?

Documentary Stamp Tax & Intangible tax for Agreement for Deeds. Documentary Stamp Tax at $. 70 per $100, rounded up, based on the total purchase price.

Do credit unions pay intangible tax?

Credit unions, unlike many other participants in the financial services market, are exempt from Federal and most State taxes because they are member owned, democratically operated, not for profit organizations, generally managed by a volunteer Board of Directors, and because they have the specified mission of meeting …

What states have intangible taxes?

1 Florida, Georgia, Indiana, Kansas, Kentucky, Michigan, Missouri, Nebraska, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, and Virginia. by local governments as general property tax revenues, probably do not exceed $250 million annually. concealed from the assessors.

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