Maryland HB790 alters the state transfer tax to exempt first-time home buyers from paying the tax.

Maryland HB790 modifies the state transfer tax by exempting first-time home buyers from paying the tax. This bill defines a "first-time Maryland home buyer" as an individual who has never owned residential real property in the state. To qualify for the exemption, the buyer must provide a statement signed under oath confirming their status and intent to occupy the property as their principal residence. The transfer tax rate for such buyers is set at 0.25% of the consideration payable for the property. The seller is responsible for paying the transfer tax.

Maryland HB790 alters the state transfer tax to exempt first-time home buyers from paying the tax.

Maryland HB790 modifies the state transfer tax by exempting first-time home buyers from paying the tax. This bill defines a "first-time Maryland home buyer" as an individual who has never owned residential real property in the state. To qualify for the exemption, the buyer must provide a statement signed under oath confirming their status and intent to occupy the property as their principal residence. The transfer tax rate for such buyers is set at 0.25% of the consideration payable for the property. The seller is responsible for paying the transfer tax.