Intangible Tax
A one-time Florida tax of 2 mills (0.002) on the amount of a new mortgage secured by Florida real property.
The nonrecurring intangible tax is a one-time Florida tax on new mortgages. The rate is 2 mills, or 0.002, on the amount of the obligation secured by Florida real property. It is calculated on the exact loan amount with no rounding to the next 100.
It is charged on the mortgage at closing and is separate from the documentary stamp tax on the same note.
On the exam
Worked example
A 340,000 dollar new mortgage: 340,000 times 0.002 equals 680 dollars.
Exam trap
Tested in
Computations and Closing (6% of the exam)
From definition to recall
See this term inside a real exam question.
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This definition is Florida real estate exam-prep education, not legal, tax, or professional advice. Verify current rules against the official source before relying on them for a real transaction. Back to the full glossary.