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Updated over 3 years ago,
FL Law/Taxes: HELOC taxes
Background:
I'm considering opening a HELOC to fund a BRRRR. I'm looking for my first deal. I own my Single Family Home in Florida and have some equity I can access. However, my Father-in-law mentioned that he got hit with a HELOC tax when he opened a HELOC on his home in New York. Even though he didn't access the HELOC funds, he had to pay a tax to the state of NY for a percentage of the total credit line. I've tried searching the internet, but I can't find out if Florida does the same thing.
Question:
Does the state of Florida tax individuals who open a HELOC?