First time maryland homebuyer transfer and recordation tax addendum pdf 2025

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State Transfer Tax The tax is one half of 1 % (0.5%) of the consideration, except for deeds to a first time MARYLAND home buyer, in which case the tax is one fourth of 1 % (0.25%). See Tax Property Article, 13-207 for exemptions from tax.
It is customary for the seller and the buyer to split the total transfer and recordation tax amount equally (if no exemptions apply). The Maryland state transfer tax rate is 0.5%.
State Transfer Tax Exemption If you have never owned property in Maryland and are purchasing a home that will be your principal residence, you are eligible for first-time homebuyer discount at closing. This discount exempts you from paying your portion of the State Transfer Tax (0.25% of the Sales Price).
Transfer Taxes Transfer tax is at the rate of . 5 percent of the actual consideration, unless they are a first-time Maryland home buyer purchasing a principal place of residence, in that case the transfer tax rate is . 25 percent of the actual consideration.
Understanding Transfer Taxes A transfer tax on real estate may be imposed by state, county, or municipal authorities for the privilege of transferring real property within the jurisdiction. The government is effectively taxing the transfer of a legal deed, certificate, or title from a seller to a buyer.
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36 M.R.S. 4641 - 4641-N The rate of tax is $2.20 for each $500 or fractional part of $500 of the value of the property being transferred. The tax is imposed on the grantor (seller), and on the grantee (buyer). Sale of Real Estate - RETT is imposed on each deed by which any real property in Maine is transferred.
How Do I Transfer Property to a Family Member Tax-Free? Leave the House in Your Will. Gift the House. Sell Your Home. Put the House in a Trust. Additional Support and Resources When Transferring Ownership of Property From Parent to Child.

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