Mortgage tax in Florida is a property tax that is charged on mortgages. The tax is imposed by the state and local governments and is a valuable source of revenue that helps fund important public services, such as education, transportation, and public safety. The mortgage tax in Florida varies depending on the location. For example, the tax rate in Miami-Dade County is 0.35%, while the tax rate in Hillsborough County is 0.45%.
The mortgage tax is typically included in the monthly mortgage payment. However, the tax can also be paid in a lump sum at the time of purchase.
There are a few exemptions to the mortgage tax in Florida. For example, veterans and their spouses may be exempt from the tax. In addition, the tax does not apply to mortgages that are used to purchase a home for the first time.
If you have any questions about the mortgage tax in Florida, I encourage you to contact me, I have several trusted lenders I would love to refer you to who can help answer all of your mortgage questions!