Florida Statute 201.08 | Lawyer Caselaw & Research

The 2024 Florida Statutes

Title XIV
TAXATION AND FINANCE

Chapter 201
EXCISE TAX ON DOCUMENTS

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F.S. 201.08

201.08 Tax on promissory or nonnegotiable notes, written obligations to pay money, or assignments of wages or other compensation; exception.—

(1)(a) On promissory notes, nonnegotiable notes, written obligations to pay money, or assignments of salaries, wages, or other compensation made, executed, delivered, sold, transferred, or assigned in the state, and for each renewal of the same, the tax shall be 35 cents on each $100 or fraction thereof of the indebtedness or obligation evidenced thereby. The tax on any document described in this paragraph ¹may not exceed $2,450.

²(b) On mortgages, trust deeds, security agreements, or other evidences of indebtedness filed or recorded in this state, and for each renewal of the same, the tax shall be 35 cents on each $100 or fraction thereof of the indebtedness or obligation evidenced thereby. Mortgages, including, but not limited to, mortgages executed without the state and recorded in the state, which incorporate the certificate of indebtedness, not otherwise shown in separate instruments, are subject to the same tax at the same rate. When there is both a mortgage, trust deed, or security agreement and a note, certificate of indebtedness, or obligation, the tax shall be paid on the mortgage, trust deed, or security agreement at the time of recordation. A notation shall be made on the note, certificate of indebtedness, or obligation that the tax has been paid on the mortgage, trust deed, or security agreement. If a mortgage, trust deed, security agreement, or other evidence of indebtedness is subsequently filed or recorded in this state to evidence an indebtedness or obligation upon which tax was paid under paragraph (a) or subsection (2), tax shall be paid on the mortgage, trust deed, security agreement, or other evidence of indebtedness on the amount of the indebtedness or obligation evidenced which exceeds the aggregate amount upon which tax was previously paid under this paragraph and under paragraph (a) or subsection (2). If the mortgage, trust deed, security agreement, or other evidence of indebtedness subject to the tax levied by this section secures future advances, as provided in s. 697.04, the tax shall be paid at the time of recordation on the initial debt or obligation secured, excluding future advances; at the time and so often as any future advance is made, the tax shall be paid on all sums then advanced regardless of where such advance is made. Notwithstanding the aforestated general rule, any increase in the amount of original indebtedness caused by interest accruing under an adjustable rate note or mortgage having an initial interest rate adjustment interval of not less than 6 months shall be taxable as a future advance only to the extent such increase is a computable sum certain when the document is executed. Failure to pay the tax shall not affect the lien for any such future advance given by s. 697.04, but any person who fails or refuses to pay such tax due by him or her is guilty of a misdemeanor of the first degree. The mortgage, trust deed, or other instrument shall not be enforceable in any court of this state as to any such advance unless and until the tax due thereon upon each advance that may have been made thereunder has been paid.

(2)(a) On promissory notes, nonnegotiable notes, written obligations to pay money, or other compensation, made, executed, delivered, sold, transferred, or assigned in the state, in connection with sales made under retail charge account services, incident to sales which are not conditional in character and which are not secured by mortgage or other pledge of purchaser, the tax shall be 35 cents on each $100 or fraction thereof of the gross amount of the indebtedness evidenced by such instruments, payable quarterly on such forms and under such rules and regulations as may be promulgated by the Department of Revenue. The tax on any document described in this paragraph ¹may not exceed $2,450.

(b) Any receipt, charge slip, or other record of a transaction effected with the use of a credit card, charge card, or debit card shall be exempt from the tax imposed by this section.

(3)(a) No tax shall be required on promissory notes executed for students to receive financial aid from federal or state educational assistance programs, from loans guaranteed by the Federal Government or the state when federal regulations prohibit the assessment of such taxes against the borrower, or for any financial aid program administered by a state university or community college, and the holders of such promissory notes shall not lose any rights incident to the payment of such tax.

(b) A note or mortgage for a federal small business loan program transaction pursuant to 15 U.S.C. ss. 695-697g, also known as a 504 loan, which specifies the Small Business Administration as the obligee or mortgagee and increases the principal balance of a note or mortgage which is part of an interim loan for purposes of debenture guarantee funding upon which documentary stamp tax has previously been paid, is subject to additional tax only on the increase above the current principal balance. The obligor and mortgagor must be the same as on the prior note or mortgage, and there may not be new or additional obligors or mortgagors. The prior note or the book and page number of the recorded interim mortgage must be referenced in the Small Business Administration note or mortgage.

(4) Notwithstanding paragraph (1)(b), a supplement or an amendment to a mortgage, deed of trust, indenture, or security agreement, which supplement or amendment is filed or recorded in this state in connection with a new issue of bonds, shall be subject to the tax imposed by paragraph (1)(b) only to the extent of the aggregate amount of the new issue of bonds or other evidence of indebtedness and not to the extent of the aggregate amount of bonds or other evidence of indebtedness previously issued under the instrument being supplemented or amended. In order to qualify for the tax treatment provided for in this subsection, the document which evidences the increase in indebtedness must show the official records book and page number in which, and the county in which, the original obligation and any prior increase in that obligation were recorded.

(5) For purposes of this section, a renewal shall only include modifications of an original document which change the terms of the indebtedness evidenced by the original document by adding one or more obligors, increasing the principal balance, or changing the interest rate, maturity date, or payment terms. Modifications to documents which do not modify the terms of the indebtedness evidenced such as those given or recorded to correct error; modify covenants, conditions, or terms unrelated to the debt; sever a lien into separate liens; provide for additional, substitute, or further security for the indebtedness; consolidate indebtedness or collateral; add, change, or delete guarantors; or which substitute a new mortgagee or payee are not renewals and are not subject to tax pursuant to this section. A modification of an original document which changes only the interest rate and is made as the result of the discontinuation of an index to which the original interest rate is referenced is not a renewal and is not subject to the tax pursuant to this section. If the taxable amount of a mortgage is limited by language contained in the mortgage or by the application of rules limiting the tax base when there is collateral in more than one state, then a modification which changes such limitation or tax base shall be taxable only to the extent of any increase in the limitation or tax base attributable to such modification. This subsection shall not be interpreted to exempt from taxation an original mortgage that would otherwise be subject to tax pursuant to paragraph (1)(b).

²(6) For a home equity conversion mortgage as defined in 12 C.F.R. s. 1026.33(a), only the principal limit available to the borrower is subject to the tax imposed in this section. The maximum claim amount and the stated mortgage amount are not subject to the tax imposed in this section. As used in this subsection, the term “principal limit” means the gross amount of loan proceeds available to the borrower without consideration of any use restrictions. For purposes of this subsection, the tax must be calculated based on the principal limit amount determined at the time of closing as evidenced by the recorded mortgage or any supporting documents attached thereto.

(7) Taxability of a document pursuant to this section shall be determined solely from the face of the document and any separate document expressly incorporated into the document. Taxability of a document pursuant to this section shall not be determined by reference to any separate document referenced or forming part of the same contract or obligation unless the separate document is expressly incorporated into the document. When multiple documents evidence, secure, or form part of the same primary debt, tax pursuant to this section shall not be imposed more than once, on the total indebtedness evidenced, notwithstanding the existence of multiple documents.

(8) A mortgage, trust deed, or security agreement filed or recorded in this state which is given by a taxpayer different than or in addition to the taxpayer obligated upon the primary note, certificate of indebtedness, or obligation, or which is given to secure a guaranty or surety of a primary note, certificate of indebtedness, or obligation, shall for purposes of this section be deemed to evidence and secure the primary note, certificate of indebtedness, or obligation, not a separate obligation, and to the extent that tax is paid on any document evidencing or securing the primary note, certificate of indebtedness, or obligation, such tax shall be paid once, notwithstanding that more than one mortgage, trust deed, or security agreement is recorded with respect to such note, certificate of indebtedness, or obligation.

(9)(a) In recognition of the special escrow requirements that apply to sales of timeshare interests in timeshare plans pursuant to s. 721.08, tax on notes or other written obligations and mortgages or other evidences of indebtedness executed in conjunction with the sale by a developer of a timeshare interest in a timeshare plan is due and payable on the earlier of the date on which:

1. The note, other written obligation, mortgage, or other evidence of indebtedness is recorded or filed in this state; or

2. All of the conditions precedent to the release of the purchaser’s escrowed funds or other property pursuant to s. 721.08(2)(c) have been met, regardless of whether the developer has posted an alternative assurance. Tax due under this subparagraph is due and payable on or before the 20th day of the month following the month in which these conditions were met.

(b)1. If tax has been paid to the department pursuant to subparagraph (a)2., and the note, other written obligation, mortgage, or other evidence of indebtedness with respect to which the tax was paid is subsequently recorded or filed in this state, a notation reflecting the prior payment of the tax must be made upon the note, other written obligation, mortgage, or other evidence of indebtedness recorded or filed in this state.

2. Notwithstanding paragraph (a), if funds are designated on a closing statement as tax collected from the purchaser, but the note, other written obligation, mortgage, or other evidence of indebtedness with respect to which the tax was collected has not been recorded or filed in this state, the tax shall be paid to the department on or before the 20th day of the month following the month in which the funds are available for release from escrow, unless the funds have been refunded to the purchaser.

History.—s. 1, ch. 15787, 1931; CGL 1936 Supp. 1279(111); s. 1, ch. 28216, 1953; ss. 1, 2, ch. 61-277; s. 5, ch. 63-533; ss. 21, 35, ch. 69-106; s. 2, ch. 77-57; s. 2, ch. 77-414; s. 105, ch. 79-222; s. 6, ch. 79-350; s. 91, ch. 79-400; s. 1, ch. 80-220; s. 7, ch. 82-83; s. 1, ch. 83-207; s. 8, ch. 83-267; s. 7, ch. 83-311; s. 28, ch. 85-80; s. 13, ch. 85-196; s. 10, ch. 90-132; s. 7, ch. 92-317; s. 1, ch. 96-245; s. 8, ch. 96-395; s. 2, ch. 97-123; s. 1, ch. 2002-26; s. 9, ch. 2002-218; s. 5, ch. 2005-280; s. 14, ch. 2021-31; s. 16, ch. 2023-157; s. 18, ch. 2024-158.

¹Note.—As amended by s. 1, ch. 2002-26. The amendment by s. 9, ch. 2002-218, substitutes the word “shall” for the word “may.”

²Note.—Section 19, ch. 2024-158, provides that “[t]he amendment to s. 201.08, Florida Statutes, made by this act is intended to be remedial in nature and shall apply retroactively, but does not create a right to a refund or credit of any tax paid before the effective date of this act. For any home equity conversion mortgage recorded before the effective date of this act, the taxpayer may evidence the principal limit using related loan documents.”

F.S. 201.08 on Google Scholar

F.S. 201.08 on Casetext

Amendments to 201.08

Arrestable Offenses / Crimes under Fla. Stat. 201.08

Level: Degree
Misdemeanor/Felony: First/Second/Third

S201.08 - TAX REVENUE - FAIL TO PAY TAX PROMISSORY NON NEGOTIABLE NOTE - M: F

Annotations, Discussions, Cases:

Cases Citing Statute 201.08

Total Results: 20

OPAL BRADSHAW-JACKSON v. BANK OF NEW YORK MELLON, etc.

Court: Fla. Dist. Ct. App. | Date Filed: 2023-01-24T23:53:00-08:00

Snippet: 3d DCA 1991) (“[T]here is nothing in [section 201.08(1), Florida Statutes,] or the case decisions that

WILMINGTON TRUST, N.A., etc. v. ALBERTO SERPA

Court: Fla. Dist. Ct. App. | Date Filed: 2022-05-18T00:53:00-07:00

Snippet: moved for involuntary dismissal based on section 201.08(1)(b), Florida Statutes, which precludes the enforcement

LIAN DE LA RIVA, as Curator of the ESTATE OF JAMES P. TODD, and STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY v. ALFONSO CHAVEZ

Court: Fla. Dist. Ct. App. | Date Filed: 2020-09-09T00:53:00-07:00

Snippet: personal representative of the estate].” § 731.201(8), Fla. Stat. (2014).

ANAMARIE M. SCHROEDER A/K/A ANAMARIA M. SCHROEDER, etc. v. MTGLQ INVESTORS, L.P.

Court: Fla. Dist. Ct. App. | Date Filed: 2020-02-11T23:53:00-08:00

Snippet: of this argument, Appellant relies on sections 201.08(1)(b) and 199.282(4), Florida Statutes (2018) (…documentary stamp tax and an intangible tax). §§ 201.08(1)(b), 199.282(4), Fla. Stat. (2018). Appellant… 3 Section 201.08(1)(b) provides that “[t]he mortgage . . . shall…may have been made thereunder has been paid.” § 201.08(1)(b), Fla. Stat. (emphasis added). Section 199.282…with the majority is that I understand sections 201.08(1)(b) and 199.133(1), Florida Statutes (2018),

ANAMARIE M. SCHROEDER A/K/A ANAMARIA M. SCHROEDER, etc. v. MTGLQ INVESTORS, L.P.

Court: Fla. Dist. Ct. App. | Date Filed: 2019-09-18T00:53:00-07:00

Snippet: of this argument, Appellant relies on sections 201.08(1)(b) and 199.282(4), Florida Statutes (respectively…documentary stamp tax and an intangible tax). § 201.08(1)(b), Fla. Stat. (2018); § 199.282(4), Fla. Stat…was not brought to the trial court’s attention. § 201.08(1)(b), Fla. Stat. (“The mortgage, trust deed, or

Atkins North America, Inc. v. Tallahassee MH Parks, LLC and Tallahassee Real Estate Holdings, LLC

Court: Fla. Dist. Ct. App. | Date Filed: 2019-08-29T00:53:00-07:00

Snippet: of the unenforceable portions of the debt. See § 201.08(1)(b); Glenn Wright Homes (Delray) LLC v. Lowy,

WELLS FARGO BANK, N. A. v. GEORGE A. ORDONEZ

Court: Fla. Dist. Ct. App. | Date Filed: 2019-05-24T00:53:00-07:00

Snippet: due under the unique facts of this case. See § 201.08(5), (6), Fla. Stat. (2010); Fla. Admin. Code R

Wells Fargo Bank, N.A. v. Ordonez

Court: Fla. Dist. Ct. App. | Date Filed: 2019-05-24T00:00:00-07:00

Citation: 272 So. 3d 859

Snippet: due under the unique facts of this case. See § 201.08(5), (6), Fla. Stat. (2010) ; Fla. Admin. Code R

Wells Fargo Bank, N.A. v. Ordonez

Court: Fla. Dist. Ct. App. | Date Filed: 2019-05-24T00:00:00-07:00

Citation: 272 So. 3d 859

Snippet: due under the unique facts of this case. See § 201.08(5), (6), Fla. Stat. (2010) ; Fla. Admin. Code R

Steinberg v. Wells Fargo Bank, N.A.

Court: Fla. Dist. Ct. App. | Date Filed: 2016-10-21T00:00:00-07:00

Citation: 178 So. 3d 473, 2015 WL 6161123

Snippet: and mortgage triggered the tax imposed by section 201.08(2), Florida Statutes (2010). We hold that the deferred… “future advance” within the meaning of section 201.08(l)(a), Florida Statutes (2010), which would have…not trigger the obligation to pay a tax. Section 201.08 concerns, among other things, the documentary stamp…4th DCA 2009). Steinberg . reasons that section 201.08(l)(b) should be read in conjunction with section…shall be secured by the mortgage.” Reading sections 201.08(l)(b) and 697.04(l)(b) together, Steinberg concludes

Ori Avraham Gordin and Teresa Shelley v. Estate of Shelley Wilensky Shelley Maisel a/k/a Shelley W. Shelley and Daniel W. Shelley

Court: Fla. Dist. Ct. App. | Date Filed: 2015-11-25T00:00:00-08:00

Citation: 179 So. 3d 518, 2015 Fla. App. LEXIS 17910

Snippet: until letters are' issued.” § 731.201(8), Fla. Stat. (2014) (emphasis added). Additionally

Michael Steinberg v. Wells Fargo Bank, N.A.

Court: Fla. Dist. Ct. App. | Date Filed: 2015-10-21T00:53:00-07:00

Snippet: subsection 201.08(1)(b). Accordingly, the bank did not owe any taxes under section 201.08(1)(b), so …and mortgage triggered the tax imposed by section 201.08(2), Florida Statutes (2010). We hold that the deferred… “future advance” within the meaning of section 201.08(1)(a), Florida Statutes (2010), which would have…trigger the obligation to pay a tax. Section 201.08 concerns, among other things, the documentary stamp…4th DCA 2009). Steinberg reasons that section 201.08(1)(b) should be read in conjunction with section

Timothy W. Fletcher v. State of Florida

Court: Fla. | Date Filed: 2015-06-25T00:00:00-07:00

Citation: 168 So. 3d 186, 40 Fla. L. Weekly Supp. 366, 2015 Fla. LEXIS 1387

Snippet: the murder of Helen Googe by a vote *201 of eight to four. During the Spencer 3

Nikooie v. JPMorgan Chase Bank, N.A.

Court: Fla. Dist. Ct. App. | Date Filed: 2014-12-10T00:00:00-08:00

Citation: 183 So. 3d 424, 2014 Fla. App. LEXIS 20020, 2014 WL 6911148

Snippet: majority from section 201.08(b)(1) is taken from the last sentence of section 201.08(b)(1). Section 20Í.08…plucks a phrase from the last sentence of section 201;08(l)(b) of the Florida Statutes, which states that…20Í.08 reads in full as follows: 201.08. Tax on promissory or nonnegotiable notes, written obligations to… may have been made thereunder has been paid. § 201.08(1), Fla. Stat. (2005) (emphasis added). On plain…advances” and the “initial debt or obligation.” § 201.08(1) (“If the mortgage ... subject to the tax levied

Midtvaage v. Porches Bahamas, Ltd.

Court: Fla. Dist. Ct. App. | Date Filed: 2013-12-20T00:00:00-08:00

Citation: 128 So. 3d 924, 2013 WL 6687844, 2013 Fla. App. LEXIS 20095

Snippet: the promissory note, required by Florida Statute 201.08, had been paid, rendering the note unenforceable

In re Amendments to the Florida Rules of Juvenile Procedure

Court: Fla. | Date Filed: 2012-10-11T00:00:00-07:00

Citation: 101 So. 3d 368, 37 Fla. L. Weekly Supp. 629, 2012 Fla. LEXIS 2676, 2012 WL 4815471

Snippet: struck-through type. The amendments to rules 8.201, 8.425, 8.500, and 8.510, and form 8.980 shall take

Beggi v. Bank

Court: Fla. Dist. Ct. App. | Date Filed: 2012-06-13T00:00:00-07:00

Citation: 91 So. 3d 193, 2012 WL 2150338, 2012 Fla. App. LEXIS 9470

Snippet: a required incident of recordation; see section 201.08(l)(b), Florida Statutes (2011). Beggi has advanced

Solis v. Lacayo

Court: Fla. Dist. Ct. App. | Date Filed: 2012-04-25T00:00:00-07:00

Citation: 86 So. 3d 1147, 2012 WL 1414368, 2012 Fla. App. LEXIS 6384

Snippet: notes were not enforceable pursuant to section 201.08(l)(a), Florida Statutes (2011). *1148On April 19…taxes had not yet been paid on the notes. See § 201.08(l)(a). We agree and reverse. Even though we find

One 79th Street Estates, Inc. v. American Investment Services

Court: Fla. Dist. Ct. App. | Date Filed: 2010-10-27T00:00:00-07:00

Citation: 47 So. 3d 886, 2010 Fla. App. LEXIS 16282, 2010 WL 4226438

Snippet: for further proceedings.[7] NOTES [1] Section 201.08(1)(b), Florida Statutes (2007), precludes judicial

Glenn Wright Homes (Delray) LLC v. Lowy

Court: Fla. Dist. Ct. App. | Date Filed: 2009-09-30T00:00:00-07:00

Citation: 18 So. 3d 693, 2009 Fla. App. LEXIS 14524, 2009 WL 3103849

Snippet: attached are unenforceable by reason of section 201.08, Florida Statutes. Therefore, attorney's fees…paid on the note pursuant to sections 201.01 and 201.08, Florida Statutes. Upon learning this step had … an unenforceable note. Silber cites to section 201.08(1) for authority. We have reviewed the statute.…records before the note can be enforced. Section 201.08(1) provides for the tax to be paid on promissory…penalties. See, e.g., § 201.17, Fla. Stat. Section 201.08(1) does not prohibit enforcement of an unsecured