Florida Administrative Code
12 - DEPARTMENT OF REVENUE
12C - Corporate, Estate and Intangible Tax
Chapter 12C-2 - INTANGIBLE PERSONAL PROPERTY TAX
Section 12C-2.004 - Property Subject to Tax - Government Leasehold Estates and Nonrecurring

Universal Citation: FL Admin Code R 12C-2.004

Current through Reg. 50, No. 187; September 24, 2024

(1) Tax on Governmental Leasehold Estates - All leases of government-owned property are subject to an annual tax if rental payments are due as consideration for the lease, unless the lessee serves or performs a governmental, municipal, or public purpose or function as defined in Section 196.012, F.S.

(2)

(a) A nonrecurring tax is imposed at the rate of $2.00 per thousand dollars (2 mills) of the value of a note or other obligation for payment of money that is secured by a mortgage, deed of trust, or other lien on Florida real property.

(b) The following are examples of property subject to the nonrecurring tax:
1. Agreements or contracts for deed.

2. Agreements not to encumber real property if the agreement attaches as a lien on the real property.

3. Future Advances - to the extent secured by a lien on Florida real property.

4. Line of Credit - to the extent secured by a lien on Florida real property, as described in Section 199.143, F.S.

(c) Example: Note and mortgage given to secure loan with a principal amount of $1,000,000.

Tax computation:

Principal

$1,000,000.00

Tax rate

x .002

____________

Tax due

$2,000.00

(3)

(a) Where a note, bond or other obligation for the payment of money is secured by realty located both inside and outside of the state and by personal property located both inside and outside of the state, the nonrecurring tax is required to be apportioned based on each type of property's relative percentage of the principal amount of debt at the time the obligation is created.

(b) Example: Note and mortgage given to secure a loan of $1,000,000. The mortgage includes real property located in and out of Florida as well as personal property located in and out of Florida.

Security

Value

Percentage

Tax

Value of Florida Real Property

$250,000.00

25%

$500.00(*)

Value of NonFlorida Real Property

250,000.00

25%

- 0 -

Total Value of All Real Property

500,000.00

50%

N/A

Value of Florida Personal Property

250,000.00

25%

0(**)

Value of NonFlorida Personal Property

250,000.00

25%

0(**)

Total Value of All Personal Property

500,000.00

50%

0(**)

Total Collateral

$1,000,000.00

100%

(*) Nonrecurring 2 mill tax

(**) There is no tax on personal property.

(4)

(a) Where the value of real property pledged to secure an obligation is less than the balance of the obligation, the amount of the obligation secured by the value of Florida real property is subject to the nonrecurring tax.

(b) Example:

Principal Amount of Loan

$1, 000, 000.00

Less Value of Florida Real Property

Amount subject to nonrecurring tax

-500, 000.00

$ 500, 000.00

Rulemaking Authority 199.202, 213.06(1) FS. Law Implemented 196.199(2)(a), (b), 199.133, 199.135 (2005), 199.143, 199.145, 199.155, 199.183 FS.

New 4-17-72, Amended 12-20-73, 5-8-79, Formerly 12C-2.04, Amended 11-21-91, 5-18-93, 10-9-01, 1-28-08, 1-17-13.

Disclaimer: These regulations may not be the most recent version. Florida may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.