Finance
Florida's documentary stamp tax on mortgages (intangible tax) is calculated based on the:
AAppraised value of the property
BTotal purchase price of the property
CAmount of the mortgage/loan✓ Correct
DNet proceeds to the seller
Explanation
In Florida, the documentary stamp tax on promissory notes and mortgages (intangible tax) is calculated at $0.35 per $100 (or fraction thereof) of the mortgage/loan amount.
People Also Study
Related Florida Questions
- In Florida, documentary stamp taxes on a warranty deed are calculated based on the:Escrow & Title
- In Florida, the documentary stamp tax on a mortgage (also called an 'intangible tax' or 'mortgage tax') is charged at:Finance
- A home sells for $425,000. Florida documentary stamp taxes on the deed are calculated at $0.70 per $100 (or fraction thereof). What are the doc stamps on this sale?Real Estate Math
- Florida's 'Documentary Stamp Tax' on a mortgage (intangible tax) was eliminated in 2007. What replaced it for mortgages?Finance
- A Florida property sells for $375,000. The documentary stamp tax on the deed is $0.70 per $100 (or fraction). What is the total documentary stamp tax?Real Estate Math
- A buyer in Florida obtains a 30-year fixed mortgage at 7% interest. The loan amount is $300,000. Using a factor of $6.65 per $1,000, what is the monthly principal and interest payment?Real Estate Math
- A Florida property costs $320,000. The buyer puts 20% down and obtains an 80% LTV mortgage. What is the loan amount?Real Estate Math
- A Florida mortgage lender requires a property in a minority neighborhood to have a higher appraisal relative to loan amount compared to similar properties in white neighborhoods. This is called:Fair Housing
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.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
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.
Study This Topic
Practice More Florida Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Florida Quiz →