1. Documentary stamp tax is levied on documents related to real property, written obligations to pay money, and mortgages, liens, and other evidences of indebtedness in Florida.
2. The tax rate varies depending on the type of document, with rates of $.70 per $100 for property transfer documents and $.35 per $100 for written obligations to pay money.
3. The maximum amount of tax due on unsecured notes is $2,450, with no limit on mortgages or liens.
4. Tax is paid to the Clerk of Court if the document is recorded, or directly to the Department of Revenue if not recorded.
5. Certain parties, such as government agencies, are exempt from paying the tax.
6. Businesses or individuals with five or more documentary stamp transactions per month must register with the Department of Revenue and use a personalized tax return form to pay tax.
7. Those with less than five transactions per month are considered non-registered and must use a different tax return form to pay tax. – A penalty of 10 percent per month, not to exceed 50 percent, is imposed on late tax payments.
– A floating rate of interest is applied to documents with overdue tax payments.
– A minimum penalty is assessed on late returns, even if no tax is due.
– The rate of interest is updated every January 1 and July 1 according to a formula established in the Florida Statutes.
– Current and prior period interest rates can be found on the Florida Department of Revenue Internet site or by contacting Taxpayer Services at 800-352-3671.
https://www.jimersonfirm.com/blog/2010/09/overview-of-documentary-stamp-tax-in-florida/
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