Documentary stamp taxes on notes or other promises to pay are payable at the rate of $.35 for every $100 (or fraction) of indebtedness secured by a mortgage on Florida real property. (2) Subsection (1) applies to a security interest in a payment intangible or promissory note only if the security interest arises out of a sale of the payment intangible or promissory note, other than a sale pursuant to a disposition under s. 679.610 or an acceptance of collateral under s. 679.620. The essential issue is whether Florida has the jurisdiction to tax the promissory notes described in the above factual situations. Florida ' s intangible personal property tax was an annual tax on the market value of intangible property, such as stocks, bonds, and mutual fund shares, owned by Florida residents and businesses. Using this feature you can determine the cost for Deeds, Mortgages, and other standard documents that we accept. Reference: Section 201.02(1)(a), Florida Statutes (F.S.) Promissory notes come in a variety of types which may include: • Balloon note. The general rules are pretty simple: (1)any instrument that conveys any interest in real property for consideration is subject to Florida's documentary stamp tax; and (2) any obligation to pay money that is secured by Florida real property is subject to Florida's non-recurring intangibles tax. Documentary Stamp Tax (Chapter 201, Florida Statutes) Documentary stamp tax is levied at the rate of $.70 per $100 (or portion thereof) on documents that transfer interest in Florida real property, such as warranty deeds and quit claim deeds. 2019 Florida Statutes < Back to Statute Search. See, Fla. Stat. See, Fla. Stat. The first is an excise tax imposed on written obligations to pay money, like promissory notes (the "documentary stamp tax") §201.08, Fla. Stat. The Florida statutes currently impose a documentary stamp tax in the amount of 35 cents per $100 on promissory notes, non-negotiable notes, written obligations to pay money and assignments of salaries, wages or other compensation which are made, delivered, sold, transferred or assigned in Florida. §95.11(2)(b) of the Florida Code establishes a five-year statute of limitations period for actions to recover on a written contract. Florida Irrevocable Trust Amendment Mechanisms (Summary Chart) (HTML mindmap format), Federal & Florida Tax Rates & Information, Summary Table - Historical Federal Transfer Tax Rates, Exemptions, & Other Info, Summary Table - Restrictions on Transfer of Florida Homestead Property [Table Format], Summary Table - Restrictions on Transfer of Florida Homestead Property [Flowchart Format], Guidebook for U.S. For example on $180,000.00 the intangible tax = $360.00. Williams Parker Harrison Dietz & Getzen ©, Estate Planning, Business Succession, Estate & Trust Administration. The first is an excise tax imposed on written obligations to pay money, like promissory notes (the "documentary stamp tax") §201.08, Fla. Stat. PROMISSORY NOTE ENFORCED WITHOUT DOC STAMPS [FLORIDA] Florida imposes documentary stamp taxes on promissory notes and other written obligations to pay money. A copy of promissory note must be attached or the amount of the note should be written on the face of the Mortgage. Since a promissory note is a binding legal agreement, the applicable statute of limitations period would be that provided by Florida law for breach of contract actions. Glenn Wright Homes (Delray) LLC v. Lowy, 10 So.3d 693 (Fla. 4th DCA 2009). Using this feature you can determine the cost for Deeds, Mortgages, and other standard documents that we accept. iii) NOTES The documentary stamp tax applies to all promissory notes and other written obligations to pay money that are executed, transferred, or assigned in Florida.13 The tax rate on notes and other written obligations is thirty­five cents ($.35) for each one hundred dollars ($100) of the Beginning January 1, 2007, individuals, married couples, personal representatives of estates, and businesses are no longer required to file an annual intangible personal property tax return reporting their stocks, bonds, mutual funds, money market funds, shares of business trusts, and unsecured notes. Title XIV TAXATION AND FINANCE. 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