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Real Estate Taxation
The Real Estate Tax Planning Practice Group at Rogers Towers works with both domestic and international clients on tax issues affecting their real estate investments in the State of Florida. We offer legal counsel on the tax aspects of a broad spectrum of real estate transactions, including the acquisition and disposition of real property, like-kind or "! 031" exchanges, eminent domain, involuntary condemnations, conservation easements, FIRPTA withholding transactions and joint ventures. We also provide guidance regarding leasing transactions, real estate-related structured financing, derivatives and real estate and mortgagerelated securitizations.
The lawyers in our Real Estate Tax Planning Practice Group have extensive experience with the range of state and local taxes imposed on real estate in the State of Florida, including the following:
- Documentary Stamp Taxes: Florida imposes a tax on documents that transfer an interest in Florida real property by what is known as the "documentary stamp tax." This tax applies to deeds and similar documents, as well as obligations to pay money which are executed, signed and delivered in our state, such as mortgages, bonds, notes, liens and, in certain situations, renewal notes.
- Intangibles Tax: The intangible tax is a nonrecurring tax on intangible personal property levied on obligations for the payment of money that ai-e secured by a mortgage or other lien on real property in the State of Florida, such as promissory notes, non-negotiable notes and other written obligations to pay money.
- Sales and Use Tax: Landlords in the State of Florida are responsible for collecting and remitting Florida's sales tax on rents collected in the regular course of business; failure to do so can result in the landlord being held personally liable for paying those taxes to the State of Florida.
- Property Taxes: As anyone who owns property in the State of Florida is aware, each county in Florida is responsible for the assessment, imposition and collection of property taxes on real property located in the State of Florida. Often times, a parcel of real property may be over-assessed, or an exemption is wrongfully denied, resulting in substantial financial exposure to a taxpayer.
Our lawyers work with clients to structure transactions in a manner that minimizes the aforementioned taxes to the extent possible.