Bill > H1257

This bill establishes a new tax, an additional documentary stamp tax of $50,000, on the purchase of residential property when the buyer already owns 15 or more residential properties in Florida. The documentary stamp tax is a tax levied on documents that record certain transactions, like property sales. This additional tax will be collected at the same time and in the same way as the existing documentary stamp tax on property sales. The revenue generated from this new tax will be transferred to the Department of Revenue and specifically used to fund down payment assistance grants for first-time homebuyers, with an exception for not-for-profit corporations purchasing housing for affordable housing purposes, who are only subject to this tax if they already own 50 residential properties. This new tax provision will become effective on July 1, 2026.