If you are buying or refinancing in San Marco, you will likely see a line called “intangible tax” on your closing disclosure. It can be confusing at first glance, especially when it appears alongside documentary stamp taxes and recording fees. You just want to know what it is, what it costs, and how it affects your bottom line. This guide breaks it down in plain English and shows you exactly where it shows up in a Duval County closing. Let’s dive in.
What is Florida’s intangible tax?
Florida charges a one-time intangible tax on loans that are secured by Florida real property. The rate is 2 mills, which is $0.002 per $1 of the loan amount that is secured by the mortgage. The tax is set by statute and applies when the mortgage or similar lien is recorded. You can see the statutory authority for this tax in Section 199.133 of the Florida Statutes.
How it differs from doc stamps
Documentary stamp tax and intangible tax are separate. Doc stamps are excise taxes charged on documents such as deeds, promissory notes, and mortgages. Florida levies doc stamps on both the deed and the mortgage or note, while the intangible tax applies only to obligations secured by a mortgage on Florida real estate. The Florida Department of Revenue explains these categories and rates on its documentary stamp tax page.
Current rates to remember
- Deed documentary stamps: $0.70 per $100 of the purchase price or other consideration. This is set in Chapter 201; see the current statutory chapter for documents.
- Mortgage documentary stamps: $0.35 per $100 of the loan amount. For unsecured notes there is a cap on the note tax, but there is no cap for mortgages that secure the debt. The Department of Revenue outlines these rates here.
- Intangible tax on the mortgage: $0.002 per $1 of the secured loan amount. See Section 199.133 for the rate.
Keep these three numbers handy. They are the backbone of what you will see at closing in San Marco.
What you will see at closing
When you buy a home with a loan, your closing disclosure usually shows:
- Deed doc stamps on the transfer: 0.007 × purchase price.
- Mortgage doc stamps: 0.0035 × loan amount.
- Intangible tax: 0.002 × loan amount.
Example 1: You buy a $300,000 home and borrow $240,000.
- Deed doc stamps: 0.007 × 300,000 = $2,100.
- Mortgage doc stamps: 0.0035 × 240,000 = $840.
- Intangible tax: 0.002 × 240,000 = $480.
- Total state taxes tied to the mortgage: $1,320 (plus recording fees).
Example 2: San Marco purchase at $350,000 with a $280,000 loan.
- Deed doc stamps: $2,450.
- Mortgage doc stamps: $980.
- Intangible tax: $560.
The Department of Revenue provides the deed and mortgage doc-stamp rates here. The intangible tax rate is in Section 199.133.
Who pays and when it is due
Legally, the parties to the document are liable for doc stamps, and the person obligated on the debt is the taxpayer for the intangible tax. In practice, your lender or closing agent collects both at closing and remits them when the mortgage is recorded. The deed doc stamps are typically allocated by the purchase contract, and the mortgage-related taxes are usually on the borrower’s side. You can see the framework for documentary taxes in Chapter 201 and the intangible tax rules in Chapter 199.
Refinances and special cases
If you refinance and the new mortgage increases the secured amount, doc stamps and intangible tax can be due on the increased amount. Lines of credit often look to the maximum line amount for the intangible calculation. There are specific rules for assumptions, corrective mortgages, and future advances, which are addressed in Chapter 199. You can review the statutory chapter on intangible taxes here.
Reverse mortgages and construction loans can have unique calculations based on how the document lists the principal or face amount. County clerk guidance often notes that doc stamps may be computed on the principal amount shown and intangible tax can apply to the full face amount stated in the mortgage. You can see an example of clerk guidance patterns on reverse mortgage filings from Alachua County’s recording page here.
Some loans funded through state housing programs can be exempt. Certain Florida Housing Finance Corporation instruments may qualify for exemptions under Section 420.513. Program rules change, so verify eligibility with your lender.
Duval County recording basics
In San Marco closings, the Duval County Clerk records the deed and mortgage and collects the taxes at recording. The Clerk provides a recording page with a fee calculator that can estimate doc stamps and the intangible tax for your documents. You can find recording instructions, fee details, and the calculator on the Duval Clerk’s recording page here.
Common Duval recording fees include $10.00 for the first page, $8.50 for each additional page, and $1 per name to index after the fourth. Your title company or lender typically handles submission and payment, including eRecording via an approved vendor listed on the Clerk’s site.
If tax is not paid
Florida ties enforceability to tax payment for recorded instruments. If the documentary or intangible tax due on a mortgage or an advance under a mortgage is not paid, a lender may not be able to enforce that advance until the tax is paid. See the enforceability language in Section 199.135 and related provisions in Chapter 201. Clerks can also refuse to record documents until the required tax is provided. If a mistake is discovered, late payment procedures and potential penalties may apply.
Quick steps to estimate your costs
- Gather your numbers. Note your purchase price and expected loan amount.
- Apply the formulas. Multiply purchase price by 0.007 for deed doc stamps; loan amount by 0.0035 for mortgage doc stamps; loan amount by 0.002 for intangible tax.
- Cross-check locally. Use the Duval Clerk’s fee calculator and ask your closing agent to show the exact tax computations on your Closing Disclosure.
When you are planning a home purchase or refinance in San Marco, understanding these items helps you budget with confidence. If you want a clear, side-by-side breakdown for your specific scenario, I am glad to walk you through it and coordinate with your lender and title team.
Ready to move forward with a plan that fits your goals in San Marco? Reach out to Melissa Roby, LLC for local guidance and concierge-level support from first conversation to closing.
FAQs
What is Florida’s intangible tax on a mortgage?
- It is a one-time tax of $0.002 per $1 on a loan that is secured by Florida real estate, imposed when the mortgage is recorded, as outlined in Section 199.133.
How are documentary stamp taxes different from the intangible tax in Florida?
- Doc stamps are excise taxes charged on deeds and on notes or mortgages, with rates set in Chapter 201 and explained by the Department of Revenue here, while the intangible tax applies only to obligations secured by a mortgage on Florida real property.
Who pays these taxes at a San Marco closing in Duval County?
- Legally the parties are liable, but your lender or closing agent typically collects mortgage doc stamps and intangible tax from the borrower at closing, and the contract often allocates deed doc stamps; see the DOR’s guidance on documentary stamps here.
Are there caps on Florida’s documentary or intangible taxes?
- The documentary tax on an unsecured promissory note has a cap, but there is no such cap for documentary stamps on recorded mortgages or for the intangible tax; the Department of Revenue outlines these rules here.
Can a Florida Housing program make my San Marco loan exempt from these taxes?
- Certain loans financed through Florida Housing instruments can be exempt under Section 420.513, and you should confirm current program rules with your lender.
What happens if the intangible or documentary tax was not paid when my mortgage was recorded?
- Enforceability can be affected until the required tax is paid, and clerks may refuse to record without payment; see Section 199.135 and Chapter 201 for details.
