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One of the financial attractions Florida has to offer is that there is no personal income tax on wages. However, we do have a few one time real estate taxes that buyers pay each time they purchase property in Florida.

This one time tax/stamp on the deed is calculated at the rate of .70 cents per hundred dollars based on the purchase price. Therefore a purchase of $100,000 would result in a $700.00 tax. This will be charged at the time of closing and show up on the buyers HUD or closing statement.

This one time tax/stamp is based on a written obligation to pay money or have a mortgage, and calculated at the rate of .35 cents per $100,000 dollars. Therefore, a $100,000 dollar mortgage would result in a one-time tax of $350.00. This tax does not apply if it is a cash transaction.

This information if provided as an overview and cannot be relied upon as accurate. For more information on the documentary stamp tax, visit the Florida Department of Revenue web site.

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