The Quick Read: On a jumbo cash-out, the state charges roughly 0.35% of the full new loan in documentary stamp tax. It adds a separate 0.20% nonrecurring intangible tax when the mortgage is recorded. Together that is about 0.55% of the new loan, and the mortgage version of doc stamps has no dollar cap, so the cost climbs with every added dollar of loan. Both taxes follow the recorded debt, not how your income was documented, and a same-lender renewal exemption can change the math in narrow cases.
What Florida Actually Taxes on a Cash-Out
Florida taxes the loan, not the equity. Two state charges apply when a new mortgage is recorded on Florida property.
The first is documentary stamp tax. The Florida Department of Revenue describes it as an excise tax on certain documents, including promissory notes and recorded mortgages. The rate is 35 cents per $100 of debt, or portion of $100. For a mortgage, the base is the full amount of indebtedness secured.
The second is the nonrecurring intangible tax, a one-time charge of 2 mills per dollar (0.20%) on obligations secured by a mortgage on Florida real property. The Department of Revenue’s intangible tax page says the lender is the taxpayer but may pass the cost to the borrower. It also says the tax is never calculated on more than the collateral’s fair market value.
Those are state charges. A lender or broker does not keep them. They show up on your closing paperwork whichever company arranges the loan.
Why the “Cap” Doesn’t Help a Jumbo Borrower
Here is the catch most people miss. Statute does put a fixed dollar ceiling on the tax due on a note. Section 201.08 is where that ceiling lives.
The ceiling does not apply to a mortgage that is filed or recorded in Florida. The Department of Revenue says so in its guidance on promissory notes, and Administrative Rule 12B-4.053 points the same way. When a note is secured by a recorded mortgage, the tax is paid on the mortgage at recording, and a notation goes on the note.
A cash-out refinance is secured by a recorded mortgage. So the tax scales with the loan:
- A loan twice as large pays twice the doc stamp tax.
- Trimming the new loan by 10% trims both state taxes by about 10%.
- At the top of the jumbo range, where wholesale programs reach $5,000,000, the state charges become a major closing line.
That is the core point for jumbo owners. The cap people half-remember belongs to a different document.
How a Jumbo Cash-Out Is Sized, Step by Step
A jumbo loan starts one dollar above your county’s conforming limit. The county limit changes yearly, so check it for your county before you plan. The limit comes from the Federal Housing Finance Agency, and NAHB summarizes how the baseline and high-cost ceiling work.
From there, the mechanics run in order:
1. The new loan is sized. The new first lien covers the payoff of your existing mortgage, the cash you take out, and closing costs or other items rolled in. The appraisal sets the collateral value, which drives the maximum loan.
2. Underwriting tests the file. Across the wholesale jumbo programs Lendmire places files with, the headline lane starts at a 660 decision score. Leverage on the program reaches 90%, though cash-out sits at lower leverage than purchase. Several lanes top out at 89.99% combined LTV, and the rest stop at 80%. Fixed lanes allow a 50% ratio ceiling, and the adjustable and interest-only lanes are tighter at 45% and 43%. Everything here is subject to lender guidelines and full file review.
3. Reserves and appraisals scale up. Reserves are counted in months of the full payment and rise with the loan amount. Above a lane’s threshold amount, two appraisals are required.
4. Documents are drafted. The note is your promise to pay. The mortgage is the recorded lien.
5. The title or closing agent collects the taxes. The agent remits them when the mortgage is recorded. Doc stamps must be paid before recording.
6. Disclosure. The charges appear in the government-fee section of your Closing Disclosure (more on that below).
If you want the full program picture before you plan the cash-out size, Lendmire’s jumbo cash-out refinance program page lays out how the lanes differ.
A Walkthrough Without the Dollar Signs
Picture a homeowner who owes the equivalent of about half the home’s appraised value. They refinance into a new jumbo loan at roughly 70% of value (a hypothetical, and the real ceiling depends on the lane and the file). About five-sevenths of the new loan pays off the old mortgage. The remaining two-sevenths goes to the borrower as cash.
What is the tax base? Under the general rule, it is the entire new loan, not just the cash portion. The payoff of the old mortgage does not shrink it. Apply 0.35% and 0.20% to that whole figure and you have the two state taxes.
So the cash you take is only part of what drives the bill. The size of the recorded debt drives it.
That cuts both ways for planning. Taking less cash lowers the new loan and both taxes together. If you finance the taxes into the balance, the loan grows, and that larger loan sits in the taxed base too. Plan the loan size with that loop in mind.
Which Tax Applies to Which Transaction
| Transaction | Deed stamps | Note/mortgage stamps | Intangible tax |
|---|---|---|---|
| Purchase with a mortgage | Yes | Yes | Yes |
| Cash purchase | Yes | No | No |
| Cash-out refinance | No | Yes, on the loan | Yes, on the loan |
| Rate-and-term refinance | No | Depends on renewal facts | Depends on lender facts |
| Second lien or line | No | Full secured debt | Yes, on the secured debt |
A cash-out on a home you already own involves no deed transfer. That means deed stamps, which differ by county, do not enter the picture. Your cost is the loan side only.
Where the General Rule Bends
Edge cases are where the surprises live. None of these is something to count on without checking with your title agent.
The same-lender renewal exemption. Florida law exempts a renewal note that only extends the identical obligation of an original note. A renewal that increases the unpaid balance is generally taxable only on the increase. The renewal must be signed by the original obligor and must renew only the unpaid balance.
The First District Court of Appeal opinion in the Bank of America refinance case describes how these exemptions apply to refinances. In short, refinanced home loans may be exempt to the extent no new money is provided. The stamp exemption turns on a true “renewal.” The intangible-tax exemption turns on refinancing the old loan with the same lender.
For a cash-out, new money is taxed regardless. If you move to a new lender, expect the full new loan to be the base. If you stay with the same lender, the rolled-over balance may be treated differently. This is a court opinion about how the exemptions apply, not settled national guidance, so confirm the case’s current status and your facts with a title agent.
Out-of-state collateral. The intangible tax applies only to the extent the debt is secured by Florida real property. If other property also secures the loan, the tax may be prorated.
Where the note is signed. Doc stamps attach to notes made, executed or delivered in Florida. A note secured by Florida property and signed elsewhere can still be reached, because the same rule covers notes that finance Florida real property.
Home equity lines and second liens. The Department of Revenue taxes the full indebtedness secured, even if contingent. Future-advance structures under §201.08 may be treated differently, and the answer depends on the drafting. No single outcome can be promised.
Occupancy. The tax follows the recorded mortgage, not whether the home is a primary residence, second home or other occupancy. Occupancy does matter to the loan, since primary, second-home and investment occupancy carry lane-specific leverage. It does not change the state taxes.
Unpaid tax. A mortgage cannot be enforced as to an advance until the tax is paid. In practice the closing agent collects the tax before recording, so this rarely reaches a borrower.
Who Pays and Where It Shows Up
On a purchase, the contract often allocates who pays what, by custom. On a refinance there is no seller. The borrower normally bears the cost, either out of pocket or rolled into the loan.
The Department of Revenue says all parties to a taxable document are liable, regardless of who agrees to pay. Practically, the title or closing agent collects at closing.
On your paperwork, Regulation Z treats government fees based on the loan amount as “transfer taxes.” Flat fees to record a document are “recording fees.” The CFPB’s rule text says the name used under state law does not decide which category applies. A loan-amount-based tax like Florida’s fits the transfer-tax category. That is an inference from the rule, not a CFPB statement about Florida. Read the itemized lines on your own Loan Estimate and Closing Disclosure.
One comparison tip. For the same loan amount, the state taxes should be identical across lenders. Differences between Loan Estimates should come from lender and third-party fees. If two quotes show different state tax lines for the same loan size, ask why.
Key Terms Defined
Documentary stamp tax: A state excise tax on documents such as notes and recorded mortgages, charged at 35 cents per $100 of debt.
Nonrecurring intangible tax: A one-time state tax of 2 mills per dollar on obligations secured by a mortgage on Florida real property.
Tax base: The amount the tax rate is applied to. For a recorded mortgage, it is the full secured debt.
Renewal exemption: A narrow exemption for a note that only extends an original obligation, taxable only on any increase.
Transfer taxes (on the Closing Disclosure): Government charges based on the loan amount or sale price, as distinct from flat recording fees.
Common Mistakes That Produce Surprise Bills
- Assuming the note cap protects a mortgage. It does not, once a mortgage is recorded.
- Assuming tax applies only to the cash you take. The base is generally the full new loan, unless a narrow renewal exemption fits.
- Treating the intangible tax as a version of doc stamps. They are separate charges from separate chapters of Florida law.
- Confusing doc stamps with recording fees. One scales with the loan. The other is a flat county charge.
- Thinking income documentation changes the tax. It does not. The tax follows the recorded debt.
- Expecting a higher appraisal to raise the tax. The doc stamp base is the debt, not the value. Value only matters as an upper bound on the intangible tax.
A practical habit helps. Before you commit to a cash-out amount, ask the title agent for an itemized estimate that shows each state tax on its own line. Then test two or three cash-out sizes against it.
Tax treatment can depend on your situation; borrowers should speak with a qualified tax professional before relying on any deduction or credit.
The Decision in Practice
Doc stamps are rarely the reason to skip a cash-out, but they belong in the math from the start. A few questions sort most situations:
- How much cash do you need? Because both taxes scale with the loan, every extra dollar of cash carries a state tax cost on top of its financing cost.
- Are you staying with your current lender? If you are, ask whether the renewal exemption could reduce the base. If you are switching, plan for the full new loan to be taxed.
- Does the loan fit a jumbo lane at all? Leverage, score, reserves and ratios vary by lane, and cash-out sits below purchase leverage. Some lanes carry a cash cap at the largest sizes.
- Would keeping your current loan be better? If your existing mortgage works and you only want a modest amount of cash, a smaller product might avoid taxing a large new base. That is a real alternative, not a footnote.
None of this is an approval promise. Every program figure above is subject to lender guidelines and full file review, and nothing here is a commitment to lend.
Frequently Asked Questions
Is there a cap on doc stamps for a Florida jumbo cash-out?
No, not on a recorded mortgage. The fixed ceiling applies to a standalone note, and the Department of Revenue states it does not apply to a mortgage filed or recorded in Florida. The tax on a jumbo mortgage grows in step with the loan amount.
Do I pay doc stamps on the cash I take or on the whole new loan?
Generally on the whole new loan. The base is the full indebtedness secured. A narrow same-lender renewal exemption may reduce the taxable amount in some refinances, so ask your title agent how it applies to your facts.
Is the intangible tax part of doc stamps?
No. It is a separate one-time charge of 2 mills per dollar on the secured obligation, and it can never be figured on more than the collateral’s fair market value. The lender is the taxpayer but may pass the cost to the borrower.
Will a deed stamp apply to my cash-out?
No. Only the loan-side taxes apply.
Does it matter if the home is my primary residence or a second home?
Not for the state taxes. They follow the recorded mortgage, not occupancy. Occupancy does matter for the loan, because leverage is set lane by lane.
Next Step
If you are weighing a cash-out refinance against keeping the loan you have, Lendmire can help you compare the programs and the equity each one reaches. Lendmire is a mortgage broker licensed for consumer lending in 16 states, including Florida, and it arranges jumbo loans through wholesale lenders. For a Florida owner, the cleanest planning move is to size the loan first and let the state taxes follow it.
For your own numbers, request a scenario review with Lendmire.
About Lendmire
Lendmire (NMLS# 2371349) is a mortgage brokerage serving homeowners and home buyers in 16 states. FHA, VA, conventional and jumbo purchase and refinance loans are arranged through wholesale lending channels; Lendmire brokers the financing and the lender underwrites each application. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. Florida Department of Revenue – Documentary Stamp Tax
2. Florida Department of Revenue – Nonrecurring Intangible Tax
3. Florida Senate – Section 201.08
4. Florida Administrative Code Rule 12B-4.053
5. NAHB – 2026 Conforming Loan Limits
6. Florida First DCA opinion, Bank of America refinance case
7. CFPB – Regulation Z § 1026.37
This article is part of Lendmire’s Jumbo Loans series — every loan program’s qualification details, guidelines, and scenarios live on the loan options page.
Related reading: Should a High-Earning W-2 Owner Take an ARM on a Jumbo Cash-Out? · How Much a Jumbo Cash-Out Releases for a High-Earning W-2 Remodel · Jumbo Cash-Out Documentation for a Business Owner on Tax Returns
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Disclosure information. Lendmire is a state-licensed mortgage brokerage under NMLS# 2371349. Lendmire is not a depository institution, direct lender, or financial advisor — all loans referenced are placed through wholesale lender partners and are subject to each lender's underwriting standards. This article is provided for general informational purposes and is not a commitment to lend, nor does it constitute financial, legal, or tax advice. Loan programs, terms, rates, and qualification standards change without notice and depend on borrower profile, property type, and the state in which the subject property is located. Equal Housing Opportunity provider. NMLS Consumer Access: nmlsconsumeraccess.org.