What amount is a buyer assessed during closing calculations for the intangible tax?

The buyer is assessed an intangible tax during closing calculations based on a rate of .002 multiplied by the loan amount. This intangible tax applies specifically to the mortgage amount that a buyer takes on when purchasing property and is a common tax seen in real estate transactions in Florida.

The calculation involves taking the total loan amount and multiplying it by the given rate to determine the total amount owed for the intangible tax. This means if a buyer secures a loan, they need to prepare for this additional cost that is imposed by the state.

Other percentages mentioned in the options, such as 0.5% of the sale price or .25% of the loan amount, do not reflect the basis for the intangible tax calculation, which is specifically tied to .002 of the loan amount. Additionally, 1% of the property value refers to a different kind of tax or fee and is not relevant in the context of intangible tax calculations. Understanding this distinction is vital for buyers and sellers in real estate transactions.