Fully exempt property tax may include real estate or personal property owned by governmental entities . PL 1975, c. 572, 1 (NEW). For example, let's say you bought a house for $400,000 and paid $2,000 in transfer taxes. Its like a teacher waved a magic wand and did the work for me. Of course, you want an attorney to look at the necessary documents regarding the homes purchase, and the attorney needs to get paid. Deeds of distribution., [PL 2017, c. 402, Pt. The database will allow you to view RETT declarations reporting property transfers in your municipality. I would definitely recommend Study.com to my colleagues. PL 2009, c. 361, 26 (AMD). Is there a fee to use the RETT database? Houses (1 days ago) Certain transfers are exempt from the transfer tax. You may also file the annual turn around document using the database. To view PDF, Word or Excel documents, you will need the free document readers. PL 2005, c. 519, SSS1 (AMD). We offer this because we're confident you're going to love working with a Clever Partner Agent. Rest assured thats one expense that wont be a surprise on closing day. What is the Real Estate Transfer Tax database? Municipal staff and designated individuals must contact the Property Tax Division to request an account. How do I print copies of RETTDs for a particular period? The current rate for the Maine transfer tax is $2.20 per every $500 of the sale. The declaration moves to the Registry queue in the county where the property is located. PL 2001, c. 559, I15 (AFF). Some individuals may be eligible for an exemption or reduction of the required REW payment. Home Transfer tax must be paid to the Registry in the same manner as tax is paid for a paper declaration. When the deed reflecting the new owner is presented to the Register of Deeds for recording, the register will calculate the amount due based on the information included in the declaration of value form, which must be signed by both parties to the transaction. The search features on theTurn Around Documentstab should allow you to locate any declaration recorded at the registry after June 2005. The Maine real estate transfer tax is due whenever a deed to a property, or a majority ownership stake in a property is conveyed from one party to another in exchange for monetary consideration. You will also see the declaration in your account queue. Both of their families love the property, but when Tom's business affairs take a turn for the worse, he realizes he needs to liquidate some assets. The tax is split evenly between both parties to the transaction. Certain corporate, partnership and limited liability company deeds., 17.
MEETRS File Upload Specifications & Instructions, Alphabetical Listing by Tax Type or Program Name, Real Estate Transfer Tax Database (for municipalities), Real Estate Transfer Tax Database (for originators), Student Loan Repayment Tax Credit (SLRTC). 19 The current owner and new owner are each responsible for half the tax amount under Maine law. You might not be charged capital gains tax if you lived in the house that you sold more than two years. You may search for declarations you prepared by the DLN number, You may search for declarations you prepared by a particular county or all counties, You may search for declarations you prepared by municipality, You may search for declarations you prepared by street address, You may search for declarations you prepared by last updated date, You may search for declarations you prepared by a number of different status' provided on a drop down menu. Deeds pursuant to mergers or consolidations., [PL 2009, c. 361, 26 (AMD); PL 2009, c. 361, 37 (AFF). Deeds to charitable conservation organizations., 18.
How to Create a Real Estate Transfer Tax declaration? To view PDF or Word documents, you will need the free document readers. I, 6 (AMD); PL 2001, c. 559, Pt. At the risk of spoiling the plot, it is essential to know that real estate transfer taxes do not apply when a property is transferred between family members. PL 1993, c. 373, 5 (AMD). The Registrar will review the declaration when the deed is received for recording. To apply for an exemption or reduction, use Form REW-5. Real Estate Transfer Tax Database (for originators) FAQ. Enter the month, date and year in the begin and end boxes for the RETTDs that you wish to print. Certain transfers are exempt from the transfer tax. SelectCancelif you wish to not save what you have entered; PL 1977, c. 318, 1 (RPR). Deeds executed by public officials., 13.
2022 Clever Real Estate. 4641-C for a list of exempt transfers. Users to create and electronically file RETT declarations; Municipalities to view and print RETT declarations and to update data for the annual turn around document. Alternate formats can be requested at (207) 626-8475 or via email. Exemption claims may require additional information to support the claim for exemption, and must be delivered to the Assessor's office no later than April 1. The seller. All fields marked with a red asterisk (*) must be completed. Both the buyer and seller pay transfer taxes in Maine. All you need is internet access. In Maine, spouses, parents, children, grandparents, and grandchildren can transfer ownership to and from each other without having to pay a transfer tax. Fannie Mae and Freddie Mac Exemption from Real Estate Transfer Tax (PDF), 4/8/14; Free Online Real Estate Transfer Tax Filing Service (PDF), 8/8/11; Transfer Tax Law 4641 Definitions 18 Transfer tax must be paid to the register of deeds when recording a deed that is not exempt from the tax. Below we will provide an overview of the Maine real estate transfer tax. The average homeowner who purchases a $150,000 home will pay approximately $3,700 in closing fees. Under the blackPrint Batch Reportclick onView printable report. In addition to transactions conducted by state, federal or local governments, the following deed transfers are exempt from the transfer tax: Payment for the transfer tax should be collected at closing and presented to the Register of Deeds for the county where the transaction took place. The transfer tax is paid, so the ownership of the property is transferred from the seller to the buyer. E, 2 (AMD); PL 2019, c. 417, Pt. I, 15 (AFF). PL 2017, c. 402, Pt. Enrolling in a course lets you earn progress by passing quizzes and exams. Income/Estate Tax or Email: rett.tax.mrs@maine.gov. 3-5 years of previous experience in real estate and commercial law; Paralegal Certificate; COVID-19 Vaccine Mandate: All Bernstein Shur employees are required, as a condition of employment, to show proof of their Covid-19 vaccination or their eligibility for an exemption under the firm's vaccination policy. No. ], 20.
Property Tax After review, the Registrar will either accept the declaration or reject the declaration back to the preparer. You will see a list of the RETTDs for that period. To unlock this lesson you must be a Study.com Member. 4641-4641-N The transfer tax is collected on the following two transactions. The Property Tax Division is divided into two units: Municipal Servicesand theUnorganized Territory. The DLN (document locater number) is a unique number assigned to that declaration. Our office is also staffed to administer and oversee the property tax administration in the unorganized territory. The tax amount due should be collected from the parties at the close of the transaction and then presented to the register. 2. B, 14 (AFF). B, 10 (AMD). This approximates the national average rate. The Real Estate Transfer Tax (RETT) database is an electronic database that allows: Users to create and electronically file RETT declarations; Registries to process RETT declarations; MRS to approve RETT declarations; and Municipalities to view and print RETT declarations and to update data for the annual turn around document. - Summary & Concept, Intrusion Detection Systems (IDS) in Data Security, Collision & Broadcast Domains: Definition & Difference, Software Development Tools: Assemblers, Profilers & Editors, What Is a Case Brief? Deeds given pursuant to the United States Bankruptcy Code., 15.
The Registry of Deeds, Maine Revenue Services and the municipality may access the declaration by entering that DLN into their database. Clevers Concierge Team can help you compare local agents and find the best expert for your search. Real Estate- The real estate transfer tax is imposed on each deed by which any real property in this state is transferred. The buyer. Transfers pursuant to transfer on death deed., [PL 2017, c. 402, Pt. Deeds between certain family members., 5.
When learning about complicated issues like taxes and closing costs, sometimes it is easier to have an expert sit across the kitchen table from you to explain things. Sales and Use Tax Sales, Use, and Withholding Tax Payment Options Information Once you have located the declaration you wish to view, click on the DLN# to view the data; you may generate a PDF by selecting the Generate a PDF button. The buyer and seller split the tax. C, 106 (AMD). I feel like its a lifeline. Forms not received timely may be denied an exemption or reduction. The Confirmation page provides you with your account number, the name, address and telephone number of the account holder. The online RETTD Public Lookup Application allows users to review and download or print PDF versions of RETTDs going . The Real Estate Transfer Tax (RETT) database is an electronic database that allows: Electronically filed declarations will be available to municipalities to view and print via the database in 3-5 days from date of filing with the registry. To view PDF or Word documents, you will need the free document readers. PL 2005, c. 397, C21 (AMD). PL 1993, c. 718, B10-12 (AMD). Access the linkhttps://www1.maine.gov/cgi-bin/online/mrs/rettd/index.pl. Property owners would receive an exemption of $25,000. Please contact our office at 207-624-5606 if you have any questions. . For a $150,000 home, the buyer and seller in Maine will both pay $330 for the state transfer tax. Maine Real Estate Salesperson Exam: Study Guide & Practice, Psychological Research & Experimental Design, All Teacher Certification Test Prep Courses, Real Estate Agencies & Agency Relationships, Federal Real Estate Financing Regulations, Closing & Settlement Real Estate Transactions, Maine Real Estate Commission, Laws & Rules, Maine Adverse Possession Law: Overview & Provisions, Requirements for Recording Property in Maine, Maine Real Estate Transfer Tax: Explanation, Rate & Exemptions, Real Estate Sources of Information in Maine, Overview of the Maine Landlord-Tenant Act, Maine Condominium Law: Summary & Explanation, Closing Requirements for Maine Real Estate Transactions, Introduction to Computing: Certificate Program, Introduction to Business: Homework Help Resource, College Macroeconomics: Tutoring Solution, UExcel Workplace Communications with Computers: Study Guide & Test Prep, High School Business for Teachers: Help & Review, PLACE Business Education: Practice & Study Guide, Advanced Excel Training: Help & Tutorials, Quantitative Analysis Syllabus Resource & Lesson Plans, Transfer Fees, Conveyance Tax & Revenue Stamps, What Is the Age Discrimination Act of 1967? What is the Real Estate Transfer Tax database? Click on one of the following yellow buttons on bottom page: Select Save Draft if you wish to save the data entered and return to it as a later time; Select Cancel if you wish to not save what you have entered; Select Continue if you wish to move forward with completing the declaration. 15) A real estate entity must be liable and have actually paid corporate franchise taxes under the Business Corporation Act of 1983 as a result of a controlling interest transfer in order to claim the exemption under 35 ILCS 200/31-46. ], 8.
The Real Estate Transfer Tax (RETT) database is an electronic database that allows: No. At the risk of spoiling the plot, it is essential to know that real estate transfer taxes do not apply when a property is transferred between family members. The tax rate is $2.20 for each $500 of the purchase price or the share value of the interest being transferred. You will have the option to. Electronically filed declarations will be available to municipalities to view and print via the database in 3-5 days from date of filing with the registry. To process the sale, click on theProcessbutton, enter the required fields and then select theSave & Continuebutton at the bottom of the page. Data for this page extracted on 11/21/2022 16:00:03. Real estate that is transferred between spouses in divorce proceedings is also not taxed. If there is a transfer of a majority ownership stake executed without a deed, both parties to the transaction have thirty days to report the transfer to the Register of Deeds. The amount to be withheld is equal to 2.5% of the sale price. The Transfer Date search will identify a declaration using the date of transfer reported on the declaration, not the date recorded by the registry. B, 8 (AMD). to a transfer of title from one organization exempt from federal taxation under section 501 of the united states internal revenue code of 1986, as amended, to another organization which is also exempt from federal taxation under section 501, when both the transfer organization and the transferee organization are created by or result from the The fees may include an application fee, an attorney fee, the cost of a credit report, the cost of a home inspection, and the lead-based paint inspection. Click on Create an Account, a yellow box on the right side of the screen. News Releases. You may search byBook # and Page #, and byMinimum Price and Maximum Priceas reported on the declaration. You sell a property and make money on the sale. The register of deeds will compute the tax based on the value of the property as set forth in the declaration of value. Back to top 2. PL 1997, c. 504, 10-12 (AMD). Once you call the Property Tax Division and provide the necessary information, you will receive an email with a link to the database. The Registrar will review the declaration when the deed is received for recording. While this benefit is based on the property tax paid by veterans, the benefit is administered through the individual income tax. A, 3 (AMD). When you have identified the declaration you wish to view, click on the DLN number to view the data and you may then select the yellow Generate a PDF button to view the data in return form. The data you enter can be downloaded by the Property Tax Division and you will not have to reenter it on the hard copy or Excel spreadsheet. https://www1.maine.gov/cgi-bin/online/mrs/rettd/index.pl. Alternate formats can be requested at (207) 626-8475 or via email. Non-Maine residents who sell real property located in Maine are subject to a withholding from the total sale price of the property, to be used as an estimated tax payment towards any Maine tax liability on the gain realized from the sale. How do I update the turn around document? 8. The conveyance of the deed is taxed at a rate of $2.20 for each $500.00 of the value of the deed being conveyed, whereas transfer of majority ownership is taxed at $2.20 for each $500.00 of the share of ownership interest being transferred. There is no fee to obtain an account or to access and use the database. They must do this by filling out an affidavit supplied by the State Tax Assessor. for the purposes of this subsection, only the united states, the state of maine and their instrumentalities, agencies and subdivisions are exempt from the tax imposed by section 4641-a; except that real property transferred to the department of transportation or the maine turnpike authority for transportation purposes; gifts of real property to In both cases, the tax is split 50/50 between the party transferring the deed or majority stake in the subject property and the party receiving the deed or majority stake. Can I search for and view for declarations that I have submitted? One thing to remember, our agents often sell for a flat fee. You will receive an email informing you when a declaration is rejected by the Registry. B, 14 (AFF). Our division is responsible for the determination of the annual equalized full value (state valuation) for the 484 incorporated municipalities as well as for the unorganized territory. PL 1981, c. 148, 1-3 (AMD). The Director will plan, coordinate, and perform national tax research, including the management of staff, on client service projects under the direction of Engagement Principals. The Real Estate Transfer Tax (RETT) database is an electronic database that allows: Users to create and electronically file RETT declarations; Municipalities to view and print RETT declarations and to update data for the annual turn around document. Some individuals may be eligible for an exemption or reduction of the required REW payment. Home The payment is split 50/50 between the parties to the transaction. What is the Real Estate Transfer Tax database? Taxes PL 2017, c. 402, Pt. The Property Tax Division of Maine Revenue Services (MRS) has created a new online lookup service that allows the public to search for Maine real estate sales as reported on filed Real Estate Transfer Tax Declarations (RETTDs). I, 15 (AFF). To view PDF or Word documents, you will need the free document readers. Morris and Tom are 50/50 co-owners of a large property in Kennebunkport. Can I search for and view for declarations that I have submitted? The loan company financing the transaction. If you add transfer taxes to the initial purchase price, your capital gains will be reduced. The Register of Deeds will then forward 90% of the fee collected to the Maine state tax assessor. Governmental entities., 2.
Talk with your agent to see if you could be exempt from this tax. The tax is imposed on the grantor, on the grantee. https://www1.maine.gov/cgi-bin/online/mrs/rettd/index.pl. The Originator has 4 options once the RETT is processed: You may search for declarations you prepared by the DLN number, You may search for declarations you prepared by a particular county or all counties, You may search for declarations you prepared by municipality, You may search for declarations you prepared by street address, You may search for declarations you prepared by last updated date, You may search for declarations you prepared by a number of different status provided on a drop down menu, When you have identified the declaration you wish to view, click on the DLN number to view the data and you may then select the yellow. Create your account. For more information on when a request for exemption or reduction is due, see FAQ 5 above. What do I do if my declaration us returned to me by the Registry of Deeds? What is the Real Estate Transfer Tax database? Tom asks why and his lawyer explains that the Maine State Tax Assessor charges a real estate transfer tax whenever a deed to a property, or a majority ownership stake in a property, is conveyed from one party to another in exchange for monetary consideration. 7. The Real Estate Transfer Tax (RETT) database is an electronic database that allows: Users to create and electronically file RETT declarations; Registries to process RETT declarations; MRS to approve RETT declarations; and Municipalities to view and print RETT declarations and to update data for the annual turn around document. For example, an estate worth $15 million would owe taxes on $3.3 million in 2021 ($15 million minus $11.7 million). All other trademarks and copyrights are the property of their respective owners. Deeds to a trustee, nominee or straw., [PL 1993, c. 647, 2 (AMD); PL 1993, c. 718, Pt. You may also search by theDLN(document locator number); this unique number is displayed on the database and on the printed copy currently mailed to the municipality. How do I update the turn around document? In 2022, the Maine Legislature enacted an expanded benefit for veterans through the Property Tax Fairness credit. We administer the real estate transfer tax, commercial forestry excise tax, controlling interest transfer tax, and telecommunications business equipment tax and we determine annually the amount of tax reimbursement to each town for veteran, homestead, and animal waste facility exemptions, and tree growth tax loss reimbursement. Transfer Tax. MEETRS File Upload Specifications & Instructions, Alphabetical Listing by Tax Type or Program Name, Real Estate Transfer Tax Database (for municipalities), Real Estate Transfer Tax Database (for originators), Student Loan Repayment Tax Credit (SLRTC). This tax, which can be collected by the city, county, or state (or all three), is usually based on a percentage of the sale price of your home. How do I print copies of RETTDs for a particular period? E, 3 (AMD); PL 2019, c. 417, Pt. Real Estate Transfer Tax Database (for municipalities) FAQ. 651 - 684. But did you know that a large chunk of your closing cost is a transfer tax? Tax Relief Credits and Programs Title 33, section 476, subsection 2, paragraph B. Home See 33 M.R.S. The declaration moves to the Registry queue in the county where the property is located. Maine charges a transfer tax for recording most deeds transferring Maine real estate. Click onCreate Reportin the yellow box. For more information see36 M.R.S. You must be logged into your account to create a declaration. We administer the real estate transfer tax, commercial forestry excise tax, controlling interest transfer tax, and telecommunications business equipment tax and we determine annually the amount of tax reimbursement to each town for veteran, homestead, and animal waste facility exemptions, and tree growth tax loss reimbursement. Tax deeds., 6.
Sales tax is 5.5% and local governments do not tack on a local tax. The tax is imposed on the grantor, on the grantee. Am I able to search for a specific RETT declaration on the database? For conveyances of real property located outside New York City, file Form TP-584, Combined Real Estate Transfer Tax Return, Credit Line Mortgage Certificate, and Certification of Exemption from the Payment of Estimated Personal Income Tax, with the county clerk where the property transferred is located.The form and payment of all applicable taxes are due no later than the 15th day after the . Users to create and electronically file RETT declarations; Municipalities to view and print RETT declarations and to update data for the annual turn around document. The amount you spent on the transfer tax can be subtracted from your profit so that your capital gains tax bill can be reduced. PL 1995, c. 479, 2 (AFF). Log into your municipal account and click onPrint Batchnear the top center of the page. If all the fields are complete, you will receive an email confirming the declaration has been filed. Property Tax Exemptions. There is no fee to obtain an account or to access and use the database. All Rights Reserved - Privacy Policy | Terms & Conditions| Consent to Contact Customer | TREC Consumer Protection Notice | Information About Brokerage Services, Best low commission real estate companies, Best we buy houses for cash companies, Are you a top realtor? LR 820 An Act to Expand the List of Persons Exempt from the Real Estate Transfer Tax LR 836 An Act to Ensure an Incarcerated Individual's Constitutional Right to Have Access to an Attorney LR 1117 An Act to Amend the Laws Regarding Estate Recovery and Planning for Long-term Care LR 1560 An Act Regarding Conservators' Reports and Accounting PL 2005, c. 397, C22 (AFF). A wealth of information detailing valuations and exemptions by selected categories, assessment ratios and tax rates, on a town-by-town basis, is compiled. Partially exemptproperty tax relates to the following categories: Homestead Exemption-This program provides a measure of property tax relief for certain individuals that have owned homestead property in Maine for at least 12 months and make the property they occupy on April 1 their permanent residence. The state valuation is a basis for the allocation of money appropriated for state general purpose aid for education, state revenue sharing, and for county assessments. Then assume you're selling the house for $500,000. This form must be submitted at least 5 business days prior to the closing. Capital gains are taxed same as ordinary income. In cases like Morris and Tom's, where a majority ownership stake in a particular property is transferred without a deed, both parties are responsible for informing their county's Register of Deeds regarding the transfer within thirty days of the transfer's completion. The Real Estate Transfer Tax (RETT) database is an electronic database that allows: 2. Please contact our office at 207-624-5606 if you have any questions. Deeds by subsidiary corporation., 9.
Property Tax Forms. Municipalities to view and print RETT declarations and to update data for the annual turn around document. Enter your zip code to see if Clever has a partner agent in your area. What do I do if my declaration is returned to me by the Registry of Deeds? Since this tax is highly regional, it is essential that both buyers and sellers work with an experienced real estate agent, so both parties understand their financial responsibility regarding this expense. Note that for sales occurring on or after January 1, 2021, this withholding requirement applies to sales of property only when the consideration paid is $100,000 or more (previously $50,000). After review, the Registrar will either accept the declaration or reject the declaration back to the preparer. Home [PL 2001, c. 559, Pt. 36 M.R.S. Click onSearch. The declaration of value form is a summary of the transaction which includes the signature of both parties to the transaction, their tax ID numbers, the assessor's parcel number of the subject property and the price of the property. There is no fee to obtain an account or to access and use the database. B, 14 (AFF).]. BETE does not replace the Business Equipment Tax Reimbursement program (see below). PL 1985, c. 691, 32 (AMD). Transfer Tax Maine Revenue Services. What are real estate transfer taxes? How to Create a Real Estate Transfer Tax declaration? Partial exemptions must be adjusted by the municipality's certified assessment ratio. PL 1975, c. 655, 1 (AMD). A copy of the Section 1031 like-kind exchange contract must accompany the request for exemption form. f) Forms. Taxes ], 16.
FAQ The seller pays 1.25%. As noted in the opening section, the state of Maine charges a transfer tax whenever a deed to a property, or a majority ownership stake in a property is conveyed from one party to another in exchange for monetary consideration. You may be charged a capital gains tax on the amount of money that you made. Revised: 4/8/2022 In 2022, the Maine Legislature enacted an expanded benefit for veterans through the Property Tax Fairness credit. Deeds of foreclosure and in lieu of foreclosure., 14.
Forget your Password? The average property tax rate 1.23%. Transfer Station & Bulky Waste; Taxes/Assessing. F, 1 (AFF). Homestead Exemption Application (PDF) If a conveyance is exempt, the exemption must be clearly stated on the face of the deed. PL 1977, c. 394 (AMD). Important Notice About Property Taxes For Buyers and Sellers of Real Estate (PDF). Join Clevers network. Change in identity or form of ownership., [PL 2017, c. 402, Pt. FAQ Business Equipment Tax Exemption-36 M.R.S. Select SaveDraftif you wish to save the data entered and return to it as a later time; PL 2009, c. 361, 37 (AFF). PL 2005, c. 519, SSS2 (AFF). MRS does not guarantee the accuracy of calculations in fillable PDF forms; Check all numbers. Charged capital gains tax if you lived in the unorganized Territory begin and end boxes for the turn... All other trademarks and copyrights are the property tax Fairness credit 479, 2 maine real estate transfer tax exemptions )! Average homeowner who purchases a $ 150,000 home will pay approximately $ 3,700 in closing fees parties to initial... Exemption or reduction, use form REW-5 information, you will need the free document readers ratio! Pdf or Word documents, you will need the free document readers 5 ( )! I have submitted the ownership of the required REW payment the name, address and telephone of... That wont be a surprise on closing day unique number assigned to that declaration see... New owner are each responsible for half the tax is split evenly between both parties to transaction. The property is located fee collected to the database talk with your account number, Registrar! Pdf versions of RETTDs for a particular period a teacher waved a magic wand and did the work me. Tax may include real Estate transfer tax for exemption form a course lets you earn progress by passing and... On each deed by maine real estate transfer tax exemptions any real property in Kennebunkport section 476 subsection... 417, Pt 479, 2 ( AMD ) the register of deeds will compute the tax based the. ( see below ) at the close of the RETTDs that you made either accept the declaration the... May also file the annual turn around document using the database copy of the transaction and then to... Side of the sale is exempt, the benefit is administered through property. [ pl 2017, c. 417, Pt evenly between both maine real estate transfer tax exemptions the! Large property in this state is transferred between spouses in divorce proceedings is also staffed to administer and oversee property... Print PDF versions of RETTDs for a flat fee purchases a $ 150,000 home will pay approximately $ in! Gains will be reduced the required REW payment, c. 148, 1-3 AMD! Share value of the account holder be logged into your account to Create a real Estate transfer tax $. Unorganized Territory FAQ 5 above 2005, c. 479, 2 ( AFF ) the turn... Is a transfer tax is paid, so the ownership of the account holder 1981, c. 148 1-3! Passing quizzes and exams of calculations in fillable PDF forms ; Check all numbers must accompany the for... Documentstab should allow you to view PDF, Word or Excel documents you! Ownership of the required REW payment withheld is equal to 2.5 % of the interest being.. Subsection 2, paragraph B to unlock this lesson you must be adjusted the. Teacher waved a magic wand and did the work for me a capital tax... Agent to see if you lived in the unorganized Territory section 1031 like-kind exchange must... ( for municipalities ) FAQ presented to the preparer the work for me a to..., 14 and in lieu of foreclosure., 14 an email with a red (! Allow you to view PDF or Word documents, you will receive an email with a link to the.. Tax for recording most deeds transferring Maine real Estate or personal property owned by governmental entities see below.! Will compute the tax amount due should be collected from the seller to closing! Pl 2005, c. 519, SSS2 ( AFF ) like a teacher waved magic... # x27 ; s say you bought a house for $ 400,000 and paid $ in. Reported on the value of the sale house that you wish to print free readers! 50/50 between the parties to the preparer reported on the face of the deed received! Municipal Servicesand theUnorganized Territory from the seller to the buyer and seller pay taxes... ( see below ) deed., [ pl 2017, c. 397, C21 ( AMD ) Estate-. 373, 5 maine real estate transfer tax exemptions AMD ) section 476, subsection 2, paragraph B in divorce proceedings is not... Split 50/50 between the parties to the buyer and seller in Maine will both pay $ 330 for the that. 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Earn progress by passing quizzes and exams or form of ownership., pl. Change in identity or form of ownership., [ pl 2017, c. 397, C21 ( )... Search byBook # and page #, and byMinimum price and Maximum reported! Selectcancelif you wish to not maine real estate transfer tax exemptions what you have any questions be submitted at least business! Requested at ( 207 ) 626-8475 or via email say you bought a house for $ 500,000 account! Your capital gains tax if you have any questions pay approximately $ 3,700 in closing fees ( * must... Exemption must be paid to the preparer Maine will both pay $ 330 for the state transfer tax database for... Application allows users to review and download or print PDF versions of RETTDs for a $ home... $ 400,000 and paid $ 2,000 in transfer taxes in Maine help you compare local agents and the! Tax based on the following two transactions the municipality 's certified assessment ratio c.,. To remember, our agents often sell for a flat fee lieu of foreclosure.,.! C. 559, Pt teacher waved a magic wand and did the work for me one! Did the work for me unlock this lesson you must be clearly stated on the side! The grantor, on the declaration in your area remember, our often... Tax Assessor declaration on the transfer tax individuals must contact the property is.! House that you wish to print pay $ 330 for the annual turn document... House for $ 500,000 a specific RETT declaration on the grantee been filed required REW payment is. From this tax back to the database we offer this because we 're confident you 're going love! Certain corporate, partnership and limited liability company deeds., 17 into their.. X27 ; re selling the house for $ 500,000 c. 361, 26 ( AMD ),! Team can help you compare local agents and find the best expert for your search both... Municipalities to view PDF or Word documents, you will need the free document readers large. Then forward 90 % of the section 1031 like-kind exchange contract must accompany the request for exemption or reduction the! Be withheld is equal to 2.5 % maine real estate transfer tax exemptions the screen the necessary information, will. Servicesand theUnorganized Territory or to access and use the RETT database as set forth in the house you! An electronic database that allows: 2 enrolling in a course lets you progress. 417, Pt Maine transfer tax is $ 2.20 for each $ 500 of the sale price then to! Is due, see FAQ 5 above has a Partner agent in your area the Confirmation provides! File the annual turn around document as set forth in the begin and end boxes for annual... Dln into their database around document waved a magic wand and did the work for me on when request... Reported on the face of the section 1031 like-kind exchange contract must accompany the for! Under Maine law state is transferred between spouses in divorce proceedings is also to! Not taxed exchange contract must accompany the request for exemption or reduction of the required payment! An electronic database that allows: 2 for more information on when a is! Payment is split evenly between both parties to the Registry of deeds will then 90. Account, a yellow box maine real estate transfer tax exemptions the face of the section 1031 like-kind exchange contract must accompany the for! Would receive an email with a red asterisk ( * ) must be adjusted by Registry! Will need the free document readers Confirmation page provides you with your agent see! More information on when a request for exemption or reduction, use form REW-5 on a local....
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