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The tax rate for documents that transfer an interest in real property is $. 70 per $100 (or portion thereof) of the total consideration paid, or to be paid, for the transfer. An exception is Miami-Dade County, where the rate is $. 60 per $100 (or portion thereof) when the property is a single-family residence.
Provide a real estate attorney with the prior deed and/or legal description of the property. Once the attorney prepares the new deed, the current owner or party who is updating their interest in the property signs the new Deed in the presence of two witnesses and then has their signature notarized.
Adding a family member to the deed as a joint owner for no consideration is considered a gift of 50% of the property's fair market value for tax purposes. If the value of the gift exceeds the annual exclusion limit ($16,000 for 2022) the donor will need to file a gift tax return (via Form 709) to report the transfer.
Property ownership information can be requested from the County Registrar-Recorder/County Clerk. For more information, please visit their website to Request a Real Estate Record.
For a small percentage of properties in Florida, a Documentary Stamp Tax is required at a rate of $0.70 per $100 owed on any existing mortgage. You may be required to pay the Documentary Stamp Tax if your transfer is not exempt. We will contact you if additional fees are required.