How much is the transfer tax 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 the real estate transfer tax in Maryland?

seller
Notwithstanding any other provision of law, for a sale of improved residential real property to a first-time Maryland home buyer who will occupy the property as a principal residence, the rate of the transfer tax is 0.25% of the consideration payable for the instrument of writing and the transfer tax shall be paid …

How much does it cost to transfer a deed in Maryland?

Transfers between parents, spouses, children and stepchildren and to grandchildren are exempt from Maryland transfer and recordation taxes. Typically, the only cost is between $25 and $55 to record the new deed and obtain a certificate from the city/county to show that all taxes are current.

Do I pay transfer taxes on a refinance in Maryland?

Regarding transfer taxes, most jurisdictions in Maryland do not require you to pay new transfer taxes at the time of your refinance settlement. However, in most jurisdictions, you must pay the State Revenue Stamps (this amount varies by county) on the new money being borrowed.

Who pays Maryland transfer taxes?

Transfer tax is paid to the Maryland Circuit Court by the home buyer. The payment is received and recorded and the court gives the home buyer a proof of payment. Transfer tax is a tax imposed by the state of Maryland when the controlling interest in a piece of property changes hands.

How do you calculate property transfer tax?

How to Calculate Transfer Tax Identify the amount of the state’s transfer tax. For our example, let’s say it is $2 for each $500, or a fraction of that amount. Identify the sale price of the house. For our example, the sale price will be $200,000. Calculate the taxable units. Multiply the taxable units by the transfer tax.

What is the Maryland State transfer tax rate?

Transfer tax is a tax imposed by the state of Maryland when the controlling interest in a piece of property changes hands. The state charges a set rate of transfer tax and the counties and sometimes even the municipalities can charge for a piece of the sale. Rates. Transfer tax rates are .5 percent of the amount paid for the property.

What is the property tax rate in Montgomery County Maryland?

The median property tax in Montgomery County, Maryland is $3,690 per year for a home worth the median value of $482,900. Montgomery County collects, on average, 0.76% of a property’s assessed fair market value as property tax.