Escrow & Title
In Florida, 'intangible tax' on a new mortgage was eliminated in 2007. Before 2007, this tax was:
AA one-time tax on all real property transfers
BAn annual recurring tax on the balance of certain financial assets including mortgages✓ Correct
CA transfer fee charged by the county
DA tax on personal property only
Explanation
Before its elimination in 2007, Florida imposed an annual intangible personal property tax on the outstanding balance of mortgages and other intangible personal property. This was a recurring annual tax, unlike the documentary stamp tax which is paid only once.
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