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Do you pay Florida sales tax when purchasing real estate?
I want to know if I buy a house in Florida, do I pay sales tax on that purchase? It would be a vacation home, not my permanent residence.
Asked By San Gilno | Fresno, OH | 2428 views | Buying | 1 year ago
Answer(4)
Jeanine Wood
Allison James Estate And Homes
Where are you buying in Florida? I am in the Englewood/Sarasota area. We do not have sales tax on purchases of homes. We do have Documentary Stamp Tax, Intangible Tax, buyer pays for Owners Title Policy mostly. Plus of course you have your property taxes. Feel free to reach out to me.
- 1 year ago
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Lisa and Greg Harris
eXp Realty, LLC
Reach out to a Local REALTOR in the area of FL you are looking to purchase and they can specifically answer this question about the process. In SC you pay the taxes based on the purchase price of the home for Property Tax and the seller pays a sales tax, so this question will depend on the type of tax you are specifically asking about..... I have 2 teams in the Florida markets, if I can connect you to a LOCAL REALTOR in the area that you are looking in, they can help guide you through the process in detail. I am happy to make a connection.
- 1 year ago
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Marty & Abby Champagne
RE/MAX Market Place
I think you need to ask a local realtor who know and understands the state sales tax.
- 1 year ago
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Victoria Valle
Danberry Co Realtors
No, you do not pay Florida sales tax when purchasing real estate. In Florida, real estate transactions are not subject to sales tax. However, there are other costs and taxes associated with purchasing real estate that you should be aware of:
Doc Stamps on the Deed: When you buy real estate in Florida, you will typically pay documentary stamp tax on the deed. This tax is usually $0.70 per $100 of the purchase price in most counties, though Miami-Dade County has a different rate structure.
Intangible Tax on the Mortgage: If you are taking out a mortgage, Florida imposes an intangible tax on the amount of the new mortgage. This tax is $0.002 per dollar of the mortgage amount.
Recording Fees: These fees cover the cost of recording the deed and mortgage with the county clerk. The amount varies by county.
Property Taxes: As a homeowner, you will be responsible for paying annual property taxes based on the assessed value of your property. These taxes fund local services such as schools, roads, and emergency services.
Title Insurance: Title insurance is typically purchased to protect against any potential title defects. This cost is usually borne by the buyer and can vary based on the purchase price.
While you won’t pay sales tax on the purchase itself, it’s important to budget for these other associated costs. It’s also advisable to consult with a real estate professional or a closing attorney to understand all the costs involved in your specific transaction.
- 5 months ago
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