Florida Statute Section 201.02, as of July 1, 2018, will waive documentary taxes on deeds between spouses. Currently, if a spouse owns a homestead prior to marriage, and then conveys the homestead to the married couple to take advantage of Florida’s tenancy by the entireties protections in addition to the homestead protections, then documentary taxes are assessed based on all outstanding mortgages on the homestead property.
However, as of July 1, 2018, such taxes will not apply to a deed that conveys homestead property between spouses if there is no other consideration being paid between the spouses, and if the deed is recorded within one year after the date of the marriage.
So, if you were recently married, and want to take advantage of the new statute, you better act quickly.
NOTE: In April, 2019, the governor signed an amendment to this statute that strikes the one-year limitation. Now, spouses may convey the homestead to each other at any time after marriage to create tenancy by the entireties, and it will be exempt from documentary taxes, regardless of the size of mortgage that secures the homestead property.