When refinancing a mortgage in the state of Georgia, without a change in ownersip, is it necessary to pay a transfer tax? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.
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Currently, the intangible tax is imposed at the rate of $1.50 per $500, or $3 per $1,000, based upon the loan amount. That means a person financing a property for $550,000 pays $1,650 in intangible tax. Georgia’s limit on the intangible mortgage tax is $25,000, but that would involve a mortgage totaling over $8 million.
TRANSACTION COSTS: TRANSFER TAX I. DOCUMENTARY STAMP TAX In Florida, there is a documentary stamp tax imposed on deeds, notes, and mortgages. Therefore, if any of these types of documents are executed within the state, then a documentary stamp tax is due for the execution of such document.1
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Intangible tax is calculated on the loan amount shown in the note. Not all states require intangible tax on loans, and those that do can vary in the amount. Florida’s fee amount for this tax is $.20 per $100 or $2 per $1,000 of lended money.
On September 30 of the tax year, intangible tax in the amount of $100 is paid. No penalties are due because of the approved extension of time to file. However, interest in the amount of $3.00 is due. (See Rule 12C-2.007, F.A.C.) Tax Due With Return $100 2.
Doc Stamps, Intangible Tax defined. Documentary Stamp tax (chapter 201, Florida Statutes) Documentary stamp tax is levied at the rate of $.70 per $100 (or portion thereof) on documents that transfer interest in Florida real property, such as warranty deeds and quit claim deeds.