Florida Regulations 12B-4.012: Rate, Consideration
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(1) Documentary Stamps; Rate, Computation: Effective August 1, 1992, the tax under Florida Statutes § 201.02, on deeds, instruments, documents, or writings whereby any lands, tenements, or other realty or any interest therein is transferred or conveyed is 70 cents on each $100 or fractional part thereof of the consideration paid, or to be paid. When the full amount of the consideration is not shown in the face of such deed, instrument, document, or writing, the tax shall be at the rate of 70 cents on each $100 or fractional part thereof of the consideration therefor. The 70 cent rate applies except for any county that has implemented the provisions of Florida Statutes § 201.031 As of August 1, 1992, this would apply only to Dade County, where the rate of 60 cents applies.
(2) Definitions:
(a) “”Consideration”” under Florida Statutes § 201.02, includes, but shall not be limited to, money paid or to be paid, the amount of any indebtedness discharged by a transfer of any interest in real property, mortgage indebtedness and other encumbrances which the real property interest being transferred is subject to, notwithstanding the transferee may be liable for such indebtedness. Where property other than money is exchanged for interests in real property, there is the presumption that the consideration is equal to the fair market value of the real property interest being transferred.
(b) “”Property other than money”” includes, but shall not be limited to, property that is corporeal or incorporeal, tangible or intangible, visible or invisible, real or personal; everything that has an exchangeable value or which goes to make up wealth or estate.
(3) Discretionary Surtax, Rate and Computation: Certain charter counties, as defined in Florida Statutes § 125.011, are authorized to levy a surtax pursuant to Florida Statutes § 201.031, on the same documents taxed under Florida Statutes § 201.02 The rate of tax shall not exceed 45 cents for each $100 or fractional part thereof of the consideration paid or to be paid. However, a document conveying only a single family residence, which shall include a condominium unit, or a cooperative apartment unit representing a proprietary interest in a corporation owning a fee or leasehold interest initially in excess of 98 years, or a detached dwelling is not taxable. Where a document conveys more than one single-family residence the tax is due.
(4) Consideration – Surtax: The term “”consideration”” under Florida Statutes § 201.031, includes but is not limited to those terms in subsection (2) of this section.
(5) Interest: Even though the parties to the transaction term the total of annual payments as the “”total consideration”” for the conveyance or transfer, it is only the total of the principal amounts that is liable for the documentary stamp tax under Florida Statutes § 201.02, and the amounts set forth as interest are exempt from such tax. (1971 Op. Att’y. Gen. Fla. 071-30 (Feb. 19, 1971)) The same rule is applicable to the surtax levied under Florida Statutes § 201.031
(6) Minimum Tax: The minimum tax is required on all conveyances where a nominal consideration such as “”ten dollars and other valuable considerations, etc.””, is cited in the document even though such statement may be impeached by competent evidence. (1931 Op. Att’y. Gen. Fla. 1931-32 Biennial Report, Page 855 (Nov. 30, 1931); Letter from Att’y. Gen. Fla. to State Comptroller (Dec. 10, 1962))
Rulemaking Authority Florida Statutes § 201.11(1), 213.06(1) FS. Law Implemented 201.01, 201.02, 201.031 FS. History-New 8-18-73, Formerly 12A-4.12, Amended 2-21-77, 8-8-78, 11-29-79, 12-30-82, Formerly 12B-4.12, Amended 12-5-89, 2-13-91, 2-16-93, 12-30-97.
Terms Used In Florida Regulations 12B-4.012
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(a) “”Consideration”” under Florida Statutes § 201.02, includes, but shall not be limited to, money paid or to be paid, the amount of any indebtedness discharged by a transfer of any interest in real property, mortgage indebtedness and other encumbrances which the real property interest being transferred is subject to, notwithstanding the transferee may be liable for such indebtedness. Where property other than money is exchanged for interests in real property, there is the presumption that the consideration is equal to the fair market value of the real property interest being transferred.
(b) “”Property other than money”” includes, but shall not be limited to, property that is corporeal or incorporeal, tangible or intangible, visible or invisible, real or personal; everything that has an exchangeable value or which goes to make up wealth or estate.
(3) Discretionary Surtax, Rate and Computation: Certain charter counties, as defined in Florida Statutes § 125.011, are authorized to levy a surtax pursuant to Florida Statutes § 201.031, on the same documents taxed under Florida Statutes § 201.02 The rate of tax shall not exceed 45 cents for each $100 or fractional part thereof of the consideration paid or to be paid. However, a document conveying only a single family residence, which shall include a condominium unit, or a cooperative apartment unit representing a proprietary interest in a corporation owning a fee or leasehold interest initially in excess of 98 years, or a detached dwelling is not taxable. Where a document conveys more than one single-family residence the tax is due.
(4) Consideration – Surtax: The term “”consideration”” under Florida Statutes § 201.031, includes but is not limited to those terms in subsection (2) of this section.
(5) Interest: Even though the parties to the transaction term the total of annual payments as the “”total consideration”” for the conveyance or transfer, it is only the total of the principal amounts that is liable for the documentary stamp tax under Florida Statutes § 201.02, and the amounts set forth as interest are exempt from such tax. (1971 Op. Att’y. Gen. Fla. 071-30 (Feb. 19, 1971)) The same rule is applicable to the surtax levied under Florida Statutes § 201.031
(6) Minimum Tax: The minimum tax is required on all conveyances where a nominal consideration such as “”ten dollars and other valuable considerations, etc.””, is cited in the document even though such statement may be impeached by competent evidence. (1931 Op. Att’y. Gen. Fla. 1931-32 Biennial Report, Page 855 (Nov. 30, 1931); Letter from Att’y. Gen. Fla. to State Comptroller (Dec. 10, 1962))
Rulemaking Authority Florida Statutes § 201.11(1), 213.06(1) FS. Law Implemented 201.01, 201.02, 201.031 FS. History-New 8-18-73, Formerly 12A-4.12, Amended 2-21-77, 8-8-78, 11-29-79, 12-30-82, Formerly 12B-4.12, Amended 12-5-89, 2-13-91, 2-16-93, 12-30-97.