Maryland HB1213 alters the state transfer tax rates for residential and nonresidential properties, offering exemptions for first-time homebuyers.

Maryland HB1213 modifies the state transfer tax rates for various types of properties. For single-family residential properties, the tax rate varies from 0.25% to 1.5% based on the consideration amount. Deed-restricted properties, which include affordable housing units, have different rates ranging from 0.25% to 1.25%. Nonresidential properties face rates from 0.375% to 1.25%. The bill also provides a 0.25% tax rate for first-time Maryland homebuyers, with the seller paying the entire tax. This change aims to support housing affordability for buyers and sellers in Maryland.

Maryland HB1213 alters the state transfer tax rates for residential and nonresidential properties, offering exemptions for first-time homebuyers.

Maryland HB1213 modifies the state transfer tax rates for various types of properties. For single-family residential properties, the tax rate varies from 0.25% to 1.5% based on the consideration amount. Deed-restricted properties, which include affordable housing units, have different rates ranging from 0.25% to 1.25%. Nonresidential properties face rates from 0.375% to 1.25%. The bill also provides a 0.25% tax rate for first-time Maryland homebuyers, with the seller paying the entire tax. This change aims to support housing affordability for buyers and sellers in Maryland.