Finance
Florida 'intangible tax' on a new mortgage note is charged at what rate?
A$0.10 per $100 of the mortgage amount
B$0.20 per $100 of the mortgage amount
C$0.35 per $100 of the mortgage amount✓ Correct
D$0.70 per $100 of the mortgage amount
Explanation
The Florida documentary stamp tax (often called intangible tax or note tax) on promissory notes secured by real property is $0.35 per $100 (or fraction thereof) of the principal loan amount.
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Key Terms to Know
Promissory Note
A written promise to repay a loan under specified terms — the borrower's personal financial obligation in a real estate transaction.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Transfer TaxA tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
State-Specific Concepts
Transfer Tax
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