Florida imposes a documentary stamp tax of 70 cents ($1.00 in Miami-Dade) per $100 of the purchase consideration for the sale of real estate located in Florida. Private individuals, for the most part, do not enjoy such exemptions. The documentary stamp tax on a $150,000 home would equal $1,050.00. If one party is exempt, the tax is required of the nonexempt party. As part of the Tax Package in HB 7087, F.S. The Florida Documentary Stamp Tax Florida imposes a documentary stamp tax on transfers of real estate by deed at a rate of $.70 per $100 or part thereof of consideration. United States government agencies; Florida government agencies; and Florida’s counties, municipalities, and political subdivisions are exempt from documentary stamp tax. ). 201.02(7) will be amended to provide a new exemption for documentary stamps for the intra-spousal conveyance of homestead property. COMMON EXEMPTIONS TO DOCUMENTARY TRANSFER TAX . Exceptions to the Documentary Tax. The Florida Statutes do provide certain exceptions to the documentary stamp tax. Under the Documentary Transfer Tax Act (California Revenue and Taxation Code §§ 11901- 11934), cities and counties may impose a tax on each deed or other recorded instrument transferring real property. For example, on real estate being purchased for $1 million, the documentary stamp taxes are $7,000 (or $10,000 in Miami-Dade). The provision in Section 689.071(4), F.S., which defines the interest of a beneficiary under a trust agreement to be personal property only, does not exempt a transfer of the beneficial interest in the trust from documentary stamp tax. Exemptions. — The 10-cent tax increase in the documentary stamp tax levied by s. 2, chapter 92-317, does not apply to deeds and other taxable instruments relating to real property located in any county that has implemented the provisions of chapter 83-220, Laws of Florida, as amended by chapters 84-270, 86-152, and 89-252, Laws of Florida. In all counties except Miami-Dade County, the Florida documentary stamp tax rate is $0.70 per $100 paid for the property. 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. In Miami-Dade County, the tax rate is $0.60 per $100 for single family residences, with a $0.45 surtax on each $100 added for other types of property. Documentary stamp tax is payable by any of the parties to a taxable transaction. The exempt status of the document must be indicated by affixing the statement that is provided in label format on Form DR-229 (Documentary Stamp Tax - Section 201.02(6), F.S., Exemption, incorporated by reference in Rule 12B-4.003, F.A.C. Only documentary stamp tax will be due since there is no Florida real property collateral. The provision in Section 1896 689.071(4), F.S., 1898 which defines the interest of a beneficiary under a trust agreement to be personal property only, does not exempt a transfer of the beneficial interest in the trust from documentary stamp tax. As described above, the documentary stamp tax will be an amount equal to 35 cents per $100.00 of the amount financed unless the loan amount is $700,000.00 or more, in which instance the maximum amount of tax payable is capped at $2,450.00. R&T = Revenue and Taxation Code. Government entities (e.g., government agencies, municipalities, and political subdivisions), not surprisingly, are exempt from documentary stamp tax.