-
Linda purchases property located in Escambia County from Susan.
Linda gives Susan $30,000 as a down payment and Susan takes back a
note and mortgage from Linda in the amount of $150,000. Since
there is no other consideration for the transfer, the tax is
calculated on $180,000 (the $30,000 paid and the $150,000 to be
paid).
Tax calculation: 1,800 (number of taxable units representing each
$100 or portion thereof of the consideration of $180,000) x $.70 =
$1,260.00 tax due.
-
In lieu of foreclosure, John transfers his home, a single family
residence located in Miami-Dade County, to the bank that holds the
mortgage on the property. The balance of the mortgage plus accrued
interest at the time of the transfer is $225,132.75. The
consideration for the transfer is $225,132.75 (the amount of the
debt forgiven).
Tax calculation: 2,252 (number of taxable units representing each
$100 or portion thereof of the consideration of $225,200) x $.60 =
$1,351.20 tax due (no surtax is due since the property is a
single-family dwelling). This is true even if the fair market
value of the property is less.
-
Bob exchanges his unimproved real property located in Sarasota
County with Carrie for a recreational vehicle. The fair market
value of Bob’s property is $40,675. The consideration for
the transfer is $40,675. Since property was exchanged for
consideration other than money, it is presumed that the
consideration for the transfer is the fair market value of the
property.
Tax calculation: 407 (number of taxable units representing each
$100 or portion thereof of the consideration of $40,675) x $.70 =
$284.90 tax due.
-
A wife deeds her homestead Florida real property to herself and
her husband. The property is encumbered by a mortgage and there is
no other consideration for the property interest transferred. No
tax is due. Section 201.02(7)(b), Florida Statutes (F.S.), exempts
documents of transfer between spouses of homestead property where
the only consideration is a mortgage. Homestead is defined in
Section 192.001, F.S.
-
Husband and wife transfer their jointly-owned, Duval County
property to a trust organized under Chapter 689, F.S. The wife is
the sole current beneficiary under the trust. The property is
encumbered by a mortgage of $100,000 and there is no other
consideration for the transfer. The consideration for the transfer
is $50,000 (the amount of the mortgage multiplied by the
percentage of the interest transferred).
Tax calculation: 500 (number of taxable units representing the
interest transferred for consideration) x $.70 = $350.00 tax due.
-
John transfers an interest of his unencumbered real property in
Monroe County with a fair market value of $400,000 to his new
spouse. There is no mortgage on the property at the time of
transfer, and there is no other consideration. If the deed
reflects nominal consideration, such as "love and affection and
$1" or "$10 or other good and valuable consideration," then $.70
tax is due.
-
Jane transfers an interest in her unencumbered real property in
Broward County with a fair market value of $1,000,000 to her
children. There is no mortgage on the property at the time of
transfer, and there is no other consideration. If the deed
reflects nominal consideration, such as "love and affection and
$1" or "$10 or other good and valuable consideration," then $.70
tax is due.
-
ABC LLC purchased property in Duval County for $2,500,000. Since
there is no other consideration for the transfer, the tax is
calculated on $2,500,000.
Tax calculation: 25,000 (number of taxable units representing each
$100 or portion thereof of the consideration of $2,500,000) x $.70
= $17,500.00 tax due.
-
CCC Corporation, which owns Alachua County property with a fair
market value of $5,000,000, transfers the property to its
subsidiary AAA Corporation. At the time of transfer the property
is encumbered by a mortgage in the amount of $3,000,000 and the
property secures a line of credit with an outstanding balance of
$700,000. Since there is no other consideration for the transfer,
the tax is calculated on $3,700,000 (the $3,000,000 mortgage plus
the line of credit balance of $700,000).
Tax calculation: 37,000 (number of taxable units representing each
$100 or portion thereof of the consideration of $3,700,000) x $.70
= $25,900.00 tax due.
-
XYZ Corporation transfers unencumbered Orange County property,
with a fair market value of $625,500, to its parent company ABC
Corporation. ABC Corporation owns 100% of XYZ Corporation. There
is no mortgage and no other consideration for the transfer. If the
deed reflects nominal consideration, such as "love and affection
and $1" or "$10 or other good and valuable consideration," then
$.70 tax is due.
-
John purchases a vacant lot in Miami-Dade County for $500,000. In
addition to the $.60 per 100 documentary stamp tax, Miami-Dade
County also imposes a $.45 per 100 discretionary surtax. Since
there is no other consideration for the transfer, the tax is
calculated on $500,000.
Tax calculation: 5,000 (number of taxable units representing each
$100 or portion thereof of the consideration of $500,000) x $.60 =
$3,000.00 documentary stamp tax due, and 5,000 (number of taxable
units representing each $100 or portion thereof of the
consideration of $500,000) x $.45 = $2,250.00 discretionary surtax
due. The total tax due is $5,250.00. There is no exemption from
the surtax since the deed did not transfer a single-family
residence.
-
Sherry purchases a reserved boat slip in her Bay County condo
association's marina, and she pays $5,000 for the slip. Since
there is no other consideration for the transfer, the tax is
calculated on $5,000.
Tax calculation: 50 (number of taxable units representing each
$100 or portion thereof of the consideration of $5,000) x $.70 =
$35.00 tax due.