Calculating intangible tax
Formula: borrowed amount × 0.002.
Examples:
- $100,000 loan: intangible = $200.
- $350,000 loan: intangible = $700.
- $500,000 loan: intangible = $1,000.
- $1,000,000 loan: intangible = $2,000.
This tax is one-time at mortgage creation. No annual recurrence.
Intangible vs mortgage doc stamps
Often confused. Differences:
| Aspect | Mortgage doc stamps | Intangible tax |
|---|---|---|
| Rate | 0.35 % | 0.002 % |
| On $350K loan | $1,225 | $700 |
| Statute | FS §201.08 | FS §199.133 |
| Payer | Buyer | Buyer |
| Refinance | Yes (on new) | No (already paid) |
Both appear on the Closing Disclosure section E (Taxes and Other Government Fees). Collected by the county clerk at recording.
Refinances and exemptions
On a refinance:
- Mortgage doc stamps: applicable on new loan (difference if increased).
- Intangible tax: not applicable on refinance, because paid at origination. Exception: if you increase borrowed amount, intangible due on difference.
Exemptions:
- Corrective mortgage (error correction) without increase.
- Modification of existing mortgage without increase.
- Intra-family transfer.
Comparison with other jurisdictions
| Jurisdiction | Mortgage tax? |
|---|---|
| Quebec | None (but recording fees) |
| Ontario | None |
| British Columbia | None |
| Alberta | None |
| Florida | Mortgage doc stamps 0.35 % + intangible 0.002 % |
| New York | Mortgage recording tax 0.5–2.8 % (by county) |
| Texas | None |
Florida is less greedy than New York but more than Texas. In Canada, this concept doesn't exist — hence the surprise for Canadian buyers discovering these taxes on the Closing Disclosure.
Every figure, rate, threshold, and deadline in this guide is drawn from a verifiable primary source listed at the bottom of the page. The article is updated whenever the underlying rules change, with a fresh review date stamped at the top.
Sources and references
All sources were publicly accessible at the last review date. Figures and rules may change; verify the current version before any decision.
- Florida Statutes §199.133 — Non-recurring intangible tax. flsenate.gov/§199.133
- Florida Statutes §201.08 — Tax on promissory notes (mortgage doc stamps). flsenate.gov/§201.08
- Florida Department of Revenue — Intangible Tax. floridarevenue.com/intangible
- Florida Statutes §697.04 — Recording of conveyances and other instruments.
Logical next step
Understand property tax and HOA prorations at closing.