Chattel Mortgage Form Formula In Florida
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A mortgage company may be a chartered bank, a credit union, a trust company or other financial institution providing mortgage loans.
The Bottom Line Chattel mortgages are a little-known but potentially good option if you're looking to finance a manufactured home or heavy equipment. These loans are smaller than conventional loans and tend to have higher rates, but they have shorter terms and quicker payoffs.
Chattel is any tangible personal property that is movable. Examples of chattel are furniture, livestock, bedding, picture frames, and jewelry.
Intangible tax on mortgages in Florida is a state-level levy applied to intangible assets like loans and promissory notes. Unlike tangible assets, which are physical, intangible assets hold value without a physical presence.
The current transfer tax rate is $0.70 for every $100.00 of consideration (i.e., 0.70%). An additional surtax may be charged by charter counties in Florida. This surtax cannot be more than $0.45 for every $100.00 of consideration (i.e., 0.45%). The only county that authorizes an additional surtax is Miami-Dade County.
The common way to determine the overall total value of a company's intangible assets is to subtract the company's book value assets minus liabilities from its market value.
Tax Rate. The nonrecurring intangible tax rate is 2 mills. The tax is calculated by multiplying the amount of the obligation secured by Florida real property by 0.002.
