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Maryland transfer and recordation tax table 2022

FIRST-TIME MARYLAND HOMEBUYER TRANSFER AND RECORDATION TAX 2025

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The document is a Transfer and Recordation Tax Addendum for first-time homebuyers in Maryland, outlining the conditions under which buyers qualify as first-time homeowners. It specifies that buyers must declare they have never owned residential property in Maryland and intend to occupy the new property as their principal residence. The addendum details the responsibilities for state transfer tax, recordation tax, and local transfer tax, indicating that these costs are typically paid by the seller unless otherwise agreed upon by both parties.

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Click ‘Get Form’ to open it in the editor.
Begin by entering the date of the addendum and the contract of sale. This establishes the timeline for your agreement.
Fill in the names of both the buyer and seller, ensuring accuracy as this information is crucial for legal purposes.
Specify the property address clearly, as this identifies the real estate involved in the transaction.
Review the qualifications for a first-time Maryland homebuyer. Ensure that each buyer signs a statement under oath confirming they have never owned residential property in Maryland.
Complete Section 1 regarding state transfer tax, noting that it is typically paid by the seller at a reduced rate.
In Section 2, clarify who will pay for recordation tax and local transfer tax by initialing next to your chosen option.
Finally, ensure all parties sign and date where indicated to finalize the document.

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Who is eligible for the Maryland homeowners tax credit?

The Maryland First-Time Homebuyer Savings Account Program allows any resident who plans to buy their first home within the next 15 years to create a tax-deductible savings account to pay for down payments, closing costs and other associated costs up to $5,000 a year for 10 years.

What are exemptions for Maryland taxes?

EXEMPTION AMOUNT CHART The personal exemption is $3,200. This exemption is reduced once the taxpayers federal adjusted gross income exceeds $100,000 ($150,000 if filing Joint, Head of Household, or Qualifying Widow(er) with Dependent Child).

What is the tax credit for first-time home buyers in Maryland?

A tax deduction subtracts a certain amount from your taxable income. First-time homebuyers may be eligible for certain tax breaks, including mortgage interest deductions, origination fee deductions and property tax deductions.

What is the first time homebuyer tax credit in Maryland?

A Maryland HomeCredit allows a homeowner to claim an annual federal tax credit equivalent to 25% of their mortgage interest payments in a given tax year. This can potentially save a homebuyer tens of thousands of dollars over the life of a loan, and makes owning a home more affordable.

Do I get a tax break for being a first-time home buyer?

Net worth, excluding the value of the property for which the credit application is being made and the cash value of IRAs or qualified retirement savings plans, must not exceed $200,000, as of December 31, 2024. Combined gross household income cannot exceed $60,000.

What are transfer taxes on closing costs in Maryland?

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.

Who pays transfer and recordation taxes in Maryland?

(c)(1) The entire amount of recordation tax and local transfer tax shall be paid by the seller of improved, residential real property that is sold to a first-time Maryland home buyer who will occupy the property as a principal residence, unless there is an express agreement between the parties to the agreement that the

FIRST-TIME MARYLAND HOMEBUYER TRANSFER AND RECORDATION TAX 2025

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How to use or fill out FIRST-TIME MARYLAND HOMEBUYER TRANSFER AND RECORDATION TAX

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Who is eligible for the Maryland homeowners tax credit?

What are exemptions for Maryland taxes?

What is the tax credit for first-time home buyers in Maryland?

What is the first time homebuyer tax credit in Maryland?

Do I get a tax break for being a first-time home buyer?

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What are transfer taxes on closing costs in Maryland?

Who pays transfer and recordation taxes in Maryland?

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FIRST-TIME MARYLAND HOMEBUYER TRANSFER AND RECORDATION TAX 2025

Here's how it works

How to use or fill out FIRST-TIME MARYLAND HOMEBUYER TRANSFER AND RECORDATION TAX

Complete this form in 5 minutes or less

Got questions?

Who is eligible for the Maryland homeowners tax credit?

What are exemptions for Maryland taxes?

What is the tax credit for first-time home buyers in Maryland?

What is the first time homebuyer tax credit in Maryland?

Do I get a tax break for being a first-time home buyer?

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What are transfer taxes on closing costs in Maryland?

Who pays transfer and recordation taxes in Maryland?

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