No. HB 1257
Filed under Taxes & Budget.
Tax/Documentary Stamp Tax to Fund Down Payment Assistance; Creates additional documentary stamp tax in specified amount on residential property purchased by person who already owns certain number of residential properties; creates First-time Homebuyer Assistance Program within Department of Commerce; provides purpose & eligibility for such program; provides maximum amount of assistance that may be provided; provides that funding comes from specified tax revenue.
Plain English Summary
AI-GENERATEDBuyers of residential property who already own 15 homes in Florida must pay an additional $50,000 documentary stamp tax on the new purchase.
Not-for-profit corporations buying housing for affordable purposes are exempt from this tax unless they already own 50 residential properties in the state.
The collected tax revenue is transferred to the Department of Revenue and must be used to provide down payment assistance grants to first-time homeowners.
This new tax is collected at the same time and in the same manner as the existing documentary stamp tax on residential property transactions.
AIImposes a mandatory $50,000 tax on any residential property transaction where the purchaser already owns 15 residential properties in Florida.
AIExempts not-for-profit corporations from the $50,000 tax unless they already own 50 residential properties in Florida.
AIRequires that the collected tax be transferred to the Department of Revenue and used exclusively to provide down payment assistance grants to first-time homeowners.