Exempts first-time Maryland home buyers from Baltimore County transfer tax.
Maryland HB602 proposes an exemption from the Baltimore County transfer tax for first-time home buyers who will occupy the property as their principal residence. To qualify, the buyer must provide a signed statement affirming they have never owned residential real property in Maryland as their principal residence. The exemption applies to transfers involving one or more first-time buyers or co-makers or guarantors of a purchase money mortgage or deed of trust, provided the co-maker or guarantor will not occupy the residence.
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