A deed in a Florida county other than Miami-Dade recites nominal consideration of $10 and no exemption applies. Because the tax is computed on each $100 or fraction thereof, what documentary stamp tax is due?
Correct Answer
D) $0.70
Any fraction of $100 is taxed as one unit in a non-Miami county. With nominal consideration and no exemption, the tax is one unit at 70 cents, or $0.70.
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Which statement best describes Florida's rule on deed documentary stamps statewide versus Miami-Dade rules?
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Scenario Granite Review raises this Florida point. A deed in Broward County transfers property for $140,000 cash, and the grantee takes the property subject to an existing mortgage balance of $180,000 that counts as consideration. What documentary stamp tax is due on the deed?