The median sale price in Miami is $370,738. In Miami-Dade County, your rate is 60 cents per $100. The rate in this county is lower than it is in other counties in Florida. If you live in Miami-Dade County, or you're transferring property here, you're in a bit of luck. That's why it's so important to understand transfer taxes and other real estate taxes before you go to make any home sale or purchase. But if you're the seller, this could be an unexpected increase in the cost of selling your home were you were If you're the buyer, you probably won't have to worry about this tax. You'd have to factor in a transfer tax of about $5,013. If you sold a home at the median sale price in Key West, you could figure out the transfer tax rate as follows. The median sale price in Key West is $716,135. Since Key West is in Monroe County, you would be paying the non-Miami-Dade tax rate listed above. In other words, you can calculate the transfer tax in the following way: Outside of Miami-Dade County, the transfer tax rate is 70 cents per $100 of the deed's consideration. Florida transfer taxes are the same in every county Those taxes are paid to individual counties, which then send them on to the State Department of Revenue. If an actual transfer takes place, such as during a sale, then transfer taxes will be assessed. The deed, wouldn't be considered a transfer, so no transfer tax would be assessed. Certain actions, like adding an executor or adding an owner to For instance, let's say you're adding a spouse to the deed as an owner - there won't be any need for Doc Stamps in that case.Īdditionally, if you're transferring property between two people and the deed is simply being changed, even if a spouse isn't involved, you won't have to pay the transfer tax. In Florida, transfer taxes aren't necessarily charged on every transfer of property. The final payee will be outlined in the contract. However, responsibility for the transfer taxes can be transferred during closing negotiations. In most Florida home sales, the seller is responsible for paying the Doc Stamps. Who pays transfer taxes in Florida: The buyer or the seller? What taxes will you have to pay on your real estate transaction in Florida? Let's take a closer look at how Florida real estate transfer taxes work and how much you can expect to pay.
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