| 1 | A bill to be entitled |
| 2 | An act relating to the excise tax on documents; amending |
| 3 | s. 201.02, F.S.; limiting the imposition of the tax to the |
| 4 | amount of certain consideration paid for certain property; |
| 5 | providing an effective date. |
| 6 |
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| 7 | Be It Enacted by the Legislature of the State of Florida: |
| 8 |
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| 9 | Section 1. Subsection (1) of section 201.02, Florida |
| 10 | Statutes, is amended to read: |
| 11 | 201.02 Tax on deeds and other instruments relating to real |
| 12 | property or interests in real property.-- |
| 13 | (1) On deeds, instruments, or writings whereby any lands, |
| 14 | tenements, or other real property, or any interest therein, |
| 15 | shall be granted, assigned, transferred, or otherwise conveyed |
| 16 | to, or vested in, the purchaser or any other person by his or |
| 17 | her direction, on each $100 of the consideration therefor the |
| 18 | tax shall be 70 cents. When the full amount of the consideration |
| 19 | for the execution, assignment, transfer, or conveyance is not |
| 20 | shown in the face of such deed, instrument, document, or |
| 21 | writing, the tax shall be at the rate of 70 cents for each $100 |
| 22 | or fractional part thereof of the consideration therefor. For |
| 23 | purposes of this section, consideration includes, but is not |
| 24 | limited to, the money paid or agreed to be paid; the discharge |
| 25 | of an obligation; and the amount of any mortgage, purchase money |
| 26 | mortgage lien, or other encumbrance, whether or not the |
| 27 | underlying indebtedness is assumed. If the consideration paid or |
| 28 | given in exchange for real property or any interest therein |
| 29 | includes property other than money, it is presumed that the |
| 30 | consideration is equal to the fair market value of the real |
| 31 | property or interest therein. Notwithstanding this subsection, |
| 32 | when the consideration paid or given in exchange for real |
| 33 | property or any interest in real property is less than the |
| 34 | amount owed on a mortgage on such property, the tax shall be |
| 35 | imposed solely upon the amount of such consideration. |
| 36 | Section 2. This act shall take effect July 1, 2009. |