A property in Florida sells for $485,000. What is the documentary stamp tax on the deed?
Correct Answer
A) $3,395.00
Correct: Documentary stamp tax is $0.70 per $100 of consideration. $485,000 ÷ $100 = 4,850 taxable increments × $0.70 = $3,395.00. Why not B: This incorrectly rounds up the taxable increments. Why not C: This uses $0.20 per $100, which is incorrect. Why not D: This uses $1.00 per $100, which is incorrect.
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Previous Question
All of the following are required for a deed to be eligible for recording in Florida EXCEPT:
Next Question
Sarah receives a deed to property in Jacksonville but discovers that the previous owner had recorded a deed with a forged signature five years ago. The forged deed is still in the chain of title. What is the legal status of Sarah's deed?