(1) Tax on Governmental Leasehold Estates -
All leases of government-owned property are subject to an annual tax if rental
payments are due as consideration for the lease, unless the lessee serves or
performs a governmental, municipal, or public purpose or function as defined in
Section 196.012, F.S.
(2)
(a) A
nonrecurring tax is imposed at the rate of $2.00 per thousand dollars (2 mills)
of the value of a note or other obligation for payment of money that is secured
by a mortgage, deed of trust, or other lien on Florida real property.
(b) The following are examples of property
subject to the nonrecurring tax:
1. Agreements
or contracts for deed.
2.
Agreements not to encumber real property if the agreement attaches as a lien on
the real property.
3. Future
Advances - to the extent secured by a lien on Florida real property.
4. Line of Credit - to the extent secured by
a lien on Florida real property, as described in Section
199.143,
F.S.
(c) Example: Note
and mortgage given to secure loan with a principal amount of $1,000,000.
Tax computation:
|
|
Principal
|
$1,000,000.00
|
|
|
Tax rate
|
x .002
____________
|
|
|
Tax due
|
$2,000.00
|
(3)
(a)
Where a note, bond or other obligation for the payment of money is secured by
realty located both inside and outside of the state and by personal property
located both inside and outside of the state, the nonrecurring tax is required
to be apportioned based on each type of property's relative percentage of the
principal amount of debt at the time the obligation is created.
(b) Example: Note and mortgage given to
secure a loan of $1,000,000. The mortgage includes real property located in and
out of Florida as well as personal property located in and out of Florida.
|
Security
|
Value
|
Percentage
|
Tax
|
|
Value of Florida Real Property
|
$250,000.00
|
25%
|
$500.00(*)
|
|
Value of NonFlorida Real Property
|
250,000.00
|
25%
|
- 0 -
|
|
Total Value of All Real Property
|
500,000.00
|
50%
|
N/A
|
|
Value of Florida Personal Property
|
250,000.00
|
25%
|
0(**)
|
|
Value of NonFlorida Personal Property
|
250,000.00
|
25%
|
0(**)
|
|
Total Value of All Personal Property
|
500,000.00
|
50%
|
0(**)
|
|
Total Collateral
|
$1,000,000.00
|
100%
|
|
(*) Nonrecurring 2 mill tax
(**) There is no tax on personal
property.
(4)
(a) Where the value of real property pledged
to secure an obligation is less than the balance of the obligation, the amount
of the obligation secured by the value of Florida real property is subject to
the nonrecurring tax.
(b) Example:
|
Principal Amount of Loan
|
$1, 000, 000.00
|
|
Less Value of Florida Real Property
Amount subject to nonrecurring tax
|
-500, 000.00
$ 500, 000.00
|
Notes
Fla. Admin. Code Ann. R. 12C-2.004
Rulemaking Authority
199.202,
213.06(1) FS.
Law Implemented 196.199(2)(a), (b), 199.133, 199.135 (2005),
199.143,
199.145,
199.155,
199.183
FS.
New 4-17-72, Revised
12-20-73, Amended 5-8-79, Formerly 12C-2.04, Amended 11-21-91, 5-18-93,
10-9-01, 1-28-08, 1-17-13.
New 4-17-72, Amended 12-20-73, 5-8-79, Formerly 12C-2.04,
Amended 11-21-91, 5-18-93, 10-9-01, 1-28-08,
1-17-13.
