The Quick Read: No. On a plain cash-out refinance, the county surtax does not touch any part of your loan, jumbo or not. The surtax is charged on deeds, and a refinance usually records no deed. Florida does tax the full new loan through other charges, so a bigger cash-out still raises your closing taxes.
Why Does the Surtax Skip a Cash-Out Refinance?
The surtax belongs to the deed. A deed is the document that moves ownership of a property from one person to another. When you refinance, you keep the home, so nobody signs a new deed.
What you sign instead is a new promissory note (your written promise to repay) and a new mortgage (the document that pledges the home as security). Florida taxes those two documents under separate rules. Miami-Dade changes the deed rate only. It does not change the rate on the note or the mortgage.
Here is the simple way to sort it:
| Transaction | Deed tax and surtax | Taxes on the new loan |
|---|---|---|
| Purchase | Yes, on the deed | Yes, on the new loan |
| Cash-out refinance, no deed | No | Yes, on the full new loan |
| Rate-and-term refinance, no deed | No | Yes, on the full new loan |
| Refinance plus a title change | Possibly, on the deed | Yes, on the full new loan |
The last row is where surprises hide. More on that below.
One more clarification. Miami-Dade also has a separate sales surtax on certain purchases. That is a different tax on a different thing. It has nothing to do with your mortgage.
What a Jumbo Cash-Out Is
A jumbo loan is a mortgage above the conforming loan limit for your county. The conforming limit is the ceiling for loans that Fannie Mae and Freddie Mac can buy. A jumbo loan starts one dollar above it. Because that limit changes each year and differs by county, check your county’s current number before you assume you are in jumbo territory.
A cash-out refinance replaces your current mortgage with a larger one. You keep the difference in cash. Across the wholesale programs Lendmire works with, jumbo cash-out comes in fixed, adjustable and interest-only structures. Lenders set cash-out leverage lower than purchase leverage, and the largest lanes add a cap on how much cash you can take.
Here is the envelope those programs run in, subject to lender guidelines and full file review:
- A 660 decision score on the headline lane.
- Leverage up to 90% on the top lane. Several lanes reach just under 90% combined loan-to-value, and the rest stop at 80%.
- Loans up to $5,000,000 on the largest lanes.
- A 50% ratio ceiling on the fixed lanes. The adjustable lanes run 45%, and the interest-only lanes run 43%. The exact numbers vary by lender and program and follow a full review of property, leverage, and credit.
Those are program limits, not promises. Cash-out leverage sits below the purchase numbers. Occupancy also matters: primary, second-home and investment properties each get their own leverage. This article is about the home you live in.
If you want to see how these lanes reach your equity, Lendmire’s jumbo cash-out refinance program page lays out the structures.
Does “Jumbo” Change the Tax?
No. Jumbo status comes from comparing your loan to the county limit. Florida’s tax comes from the document and the amount it secures. Those are two separate tests.
The county limit itself is set by a formula. The Federal Housing Finance Agency explains in its annual conforming loan limit addendum that a local limit rises above the baseline where 115% of the local median home value exceeds it. Local limits cannot exceed 50% above the baseline. Look up your own county’s figure on the agency’s map or table.
A jumbo loan costs more in Florida tax for one reason only. The base is bigger. Same rate, bigger number.
What Does Florida Actually Tax on a Cash-Out?
Florida taxes the loan documents. The Florida Department of Revenue’s documentary stamp tax page lists deeds as one taxable category. Written obligations to pay money and recorded mortgages are a separate category. Three charges matter on your refinance.
The note. Florida taxes a promissory note at 35 cents per $100 of the obligation. The state caps that tax on a note at $2,450.
The mortgage. When a recorded mortgage secures the loan, the tax is based on the full amount secured. The state sets no cap here. This is the main reason a large jumbo cash-out gets taxed on its full size.
The intangible tax. This is a separate state tax on the amount a recorded mortgage secures. A Florida law-firm summary puts it at 2 mills per dollar and ties it to Section 199.133 of the Florida Statutes. Treat that rate as secondary and let your title agent confirm it.
Notice the word “full.” Cash you take out and the balance you roll over are both part of the new loan. The tax base is the new loan, not just the new money. This is the real answer behind the question in the title: the full amount is taxed, but not by the surtax.
None of this changes by county. The note and mortgage rates are the same in Miami-Dade as anywhere else in Florida.
A Jumbo-Scale Picture, Without the Dollar Signs
Picture a homeowner whose new loan is roughly ten times the size of a modest first mortgage. The loan-side taxes scale up about tenfold, except the note tax, which stops at its cap. The mortgage tax and the intangible tax keep climbing.
Now picture the same closing with the surtax wrongly added. The surtax would be a charge on top of everything else, and it would grow with the loan as well. It would be a large, fake line. Some online calculators add it anyway.
So the honest comparison looks like this:
| Charge | Applies to your cash-out? | What it is based on |
|---|---|---|
| Deed tax | No, when no deed is recorded | The deed’s consideration |
| Miami-Dade surtax | No, when no deed is recorded | The deed’s consideration |
| Tax on the note | Yes, up to its cap | The obligation |
| Tax on the mortgage | Yes, no cap | Full amount secured |
| Intangible tax | Yes | Full amount secured |
Your title agent or closing attorney runs the exact math. Ask for their tax calculation in writing before closing day.
What Counts as the “Amount Secured”?
Usually it is the full new loan. There is one wrinkle worth knowing. A mortgage can be written with a maximum-lien limit, which caps how much the lien can recover. The same law-firm summary says tax is computed on that lien cap when it sits below the note amount.
That is a drafting choice, and your lender and closing agent control it. You do not need to engineer it. Just know that “amount secured” is the phrase to ask about.
You may also hear that refinancing with your current lender earns partial relief on the tax base. Some rules and practices can work that way. Do not count on it without written confirmation from your title agent. Rules like this depend on the exact documents.
The appraisal does not change the tax base. It sets your home’s value and your loan-to-value ratio. The tax follows the loan documents, not the value.
When Does a Deed Enter the Picture?
A deed enters a refinance when title changes at the same time. That is the one real path for the surtax to come back into play. Common examples include:
- Adding a spouse or co-owner to the title.
- Removing a spouse or co-owner from the title.
- Moving the home into a trust.
- Moving the home into an LLC.
- Buying out a co-owner.
The Department of Revenue says deed consideration includes the mortgage or lien on the property, whether assumed or not. The state also lists exceptions, such as certain divorce transfers. Whether your particular deed is taxable is a legal question. Ask the title agent or an attorney, and ask before the paperwork is drafted.
The practical lesson is a tight one. If you want a cash-out and a title change, separate the two questions. The loan taxes are certain. The deed tax is the open one.
What About Condos, Multi-Unit Homes and Vacant Land?
The tax mechanics follow the documents, not the property type. With no deed, there is no deed surtax, whatever the structure.
Property type matters when a deed is involved. The Department of Revenue says the Miami-Dade surtax is not due on a document transferring only a single-family dwelling. Whether a given condo or multi-unit home counts as “single-family” is a legal question. Have your closing attorney read the statute against your deed.
Property type also matters for the loan itself. Condominium rules differ by program. Two of the wholesale lanes accept non-warrantable condominiums, which are condos that fail the standard project rules for conforming loans. Ask early if your building is unusual.
What About County Assistance Loans?
Some owners hold a county homeownership-assistance loan. Programs like that may have their own terms on repayment or forgiveness, and some treat a cash-out refinance as a repayment event. That is a program rule, not a tax. Read your loan documents and ask the program administrator before you apply.
Where Do These Taxes Show Up at Closing?
They show up in the government-charges section of your disclosures. The Consumer Financial Protection Bureau’s rule on the Loan Estimate, Regulation 1026.37, sets up a section called “Taxes and Other Government Fees.” Recording fees and other taxes come first, then transfer taxes. Florida’s mortgage-related taxes appear in that section on a refinance. The exact line placement depends on your title agent and lender.
A Loan Estimate is the three-page form you get after applying. It estimates your costs. The Closing Disclosure is the final version, and you get it before you sign. Compare the two line by line.
These are one-time closing costs. They change your monthly payment only if you roll them into the loan. Whether you can roll costs in depends on the lender’s rules and your loan-to-value. Do not assume it. The disclosures will show exactly what is financed.
Cash to close is simply your closing costs, minus any credits and adjustments. On a cash-out, the proceeds can offset it, and the Closing Disclosure shows the net.
Does the Tax Affect Whether You Qualify?
Not directly. The state tax is a cost, not an underwriting test. What decides approval is the usual file: your decision score, your debt ratios, your reserves and your home’s value.
On the jumbo lanes, reserves are measured in months of the full payment, and they rise with the loan amount. Above a lane’s threshold amount, expect two appraisals. A larger cash-out means a larger loan, so these requirements bite harder at the top of the range. All of it is subject to lender guidelines and full file review.
Tax treatment of your refinance can depend on your situation; borrowers should speak with a qualified tax professional before relying on any deduction or credit.
Common Mistakes on This Question
- Assuming the surtax rides on the loan. The Department of Revenue places it in the deed section, not the note or mortgage section.
- Believing doc stamps are capped at $2,450 on every loan. The cap applies to a note. A recorded mortgage has no cap.
- Mixing up doc stamps and intangible tax. They are separate taxes with separate rates.
- Trusting a calculator that says the surtax applies to “all documents.” That wording conflicts with the state’s own page.
- Forgetting that a title change can add a deed. The surtax question returns the moment a deed is signed.
- Thinking jumbo means different taxes. It means a bigger base. That is all.
Key Terms Defined
Documentary stamp tax: A Florida tax charged on certain documents, including deeds, promissory notes and recorded mortgages.
Miami-Dade surtax: An extra county charge on deeds and similar transfer documents. It is not a charge on the loan.
Nonrecurring intangible tax: A one-time state tax based on the amount a recorded mortgage secures.
Amount secured: The debt a mortgage pledges the home to repay. Usually this is the full new loan.
Maximum-lien limit: A clause that caps how much a mortgage lien can recover, sometimes below the note amount.
Conforming loan limit: The county-level ceiling for loans Fannie Mae and Freddie Mac can buy.
Cash-out refinance: A new, larger mortgage that pays off the old one and gives you the difference in cash.
Frequently Asked Questions
Is the surtax charged on only the new money or on the whole jumbo loan?
Neither, because a cash-out with no deed carries no surtax. The loan-side taxes are what scale up, and they apply to the full new loan, not just the cash you take out.
Will a jumbo loan owe more Florida tax than a smaller loan?
Yes, but only because the base is larger. The note tax stops at its cap, while the mortgage tax and intangible tax keep climbing with the loan amount. The rates do not change for jumbo.
What if I add my spouse to the title during the refinance?
That may create a taxable deed, and the deed is where Miami-Dade’s rate and surtax live. The state names some exceptions, so ask your title agent or an attorney before the deed is drafted.
Can I roll these taxes into my new loan?
Sometimes. It depends on your loan-to-value and the lender’s rules. Your Loan Estimate shows what is financed, and the Closing Disclosure confirms it.
Where do I check what I will actually pay?
Look at the government-charges section of your Loan Estimate, then compare it with the Closing Disclosure. Ask your title agent for their tax calculation in writing.
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.
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. FHFA – Conforming Loan Limit Addendum
2. Florida Department of Revenue – Documentary Stamp Tax
3. Starfield & Smith – Florida Documentary Stamp and Nonrecurring Intangible Tax
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: How to Choose the Jumbo Cash-Out Lane That Releases the Most Cash · How to Structure a Jumbo Cash-Out Over the Cap as a W-2 Earner · Can an Heir Get a Jumbo Cash-Out Before Probate Closes?
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Legal disclosures. Lendmire (NMLS# 2371349) is a state-licensed mortgage brokerage that arranges financing through wholesale lender relationships. Lendmire is not a direct lender, depository institution, or registered financial advisor. The discussion above is general informational content about real estate financing — it is not financial, legal, or tax advice, and readers should consult licensed professionals for guidance on their individual circumstances. Loan inquiries are subject to lender underwriting; this article does not represent a commitment to lend. Loan terms, rates, and qualification standards vary by borrower, property, and state, and are subject to change at any time. Equal Housing Opportunity. NMLS Consumer Access: nmlsconsumeraccess.org.