Is there a fee to use the RETT database? 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. A, 3 (AMD). The amount you spent on the transfer tax can be subtracted from your profit so that your capital gains tax bill can be reduced. Please contact our office at 207-624-5606 if you have any questions. Alternate formats can be requested at (207) 626-8475 or via email. 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. , For the purposes of this subsection, "servicer" means a person or entity that acts on behalf of the owner of a mortgage debt to provide services related to the mortgage debt, including accepting and crediting payments from the mortgagor, issuing statements and notices to the mortgagor, enforcing rights of the owner of a mortgage debt and initiating and pursuing foreclosure proceedings; 8. 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. For example, an estate worth $15 million would owe taxes on $3.3 million in 2021 ($15 million minus $11.7 million). Enter the month, date and year in the begin and end boxes for the RETTDs that you wish to print. Both the buyer and seller pay transfer taxes in Maine. Property owners would receive an exemption of $25,000. No one wants to be surprised with an expensive tax at closing. For more information see36 M.R.S. 7. Am I able to search for a specific RETT declaration on the database? All of these fees are somewhat understandable. I, 15 (AFF). 2. 54 The purchaser must transmit the withheld amount to the State Tax Assessor within 30 days. PL 2017, c. 402, Pt. If all the fields are complete, you will receive an email confirming the declaration has been filed. FAQ Transfer Tax. Deeds to charitable conservation organizations., 18. After review, the Registrar will either accept the declaration or reject the declaration back to the preparer. MEETRS File Upload Specifications & Instructions, Alphabetical Listing by Tax Type or Program Name, Fannie Mae and Freddie Mac Exemption from Real Estate Transfer Tax (PDF), Free Online Real Estate Transfer Tax Filing Service (PDF), 4641-E Powers and duties of State Tax Assessor, Real Estate Transfer Tax Database FAQs (for municipalities). 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 2009, c. 361, 37 (AFF). Learn about real estate transfer taxes for the state of Maine. 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. Partial exemptions must be adjusted by the municipality's certified assessment ratio. What is the Real Estate Transfer Tax database? Access the linkhttps://www1.maine.gov/cgi-bin/online/mrs/rettd/index.pl. 171 lessons. Deeds by parent corporation., 11. Property Tax 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. You may search by Book # and Page #, and by Minimum Price and Maximum Price as reported on the declaration. B, 14 (AFF). Alternate formats can be requested at (207) 626-8475 or via email. 36 M.R.S. 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. How to Create a Real Estate Transfer Tax declaration? Municipal Property Tax Forms NOTE: Do not follow the links in the left menu; those links provide information for sales tax and income tax only. PL 2005, c. 397, C22 (AFF). Join Clevers network. f) Forms. The Director will make taxability . MEETRS File Upload Specifications & Instructions, Alphabetical Listing by Tax Type or Program Name, Department of Economic and Community Development. Click theSelect Allbox or select the single declarations you wish to print. Veteran Exemption- A veteran who served during a recognized war period and is 62 years or older; or, is receiving 100% disability as a Veteran; or, became 100% disabled while serving, is eligible for $6,000. You will also see the declaration in your account queue. Deeds executed by public officials., 13. Exemptions; Maps; Personal Property Tax Information; Real Estate Tax Information; Real Estate Transfer Tax Declaration Search; Research Deeds Online; Stabilize Property Taxes for Individuals 65 Years of Age or Older; State Property Tax Deferral Program; Tax Bills; Tax Increment Financing; Tax . PL 2009, c. 402, 22, 23 (AMD). 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 MEETRS File Upload Specifications & Instructions, Alphabetical Listing by Tax Type or Program Name, Renewable Energy Investment Exemption Application (PDF), Flowchart of Veteran's Exemption Qualifications (PDF). The seller. The real estate transfer tax can also be called the deed tax, mortgage registry tax, or stamp tax. SelectContinueif you wish to move forward with completing the declaration. PL 2001, c. 559, I15 (AFF). Governmental entities., 2. All fields marked with a red asterisk (*) must be completed. The average property tax rate 1.23%. FAQ You must be logged into your account to create a declaration. For more information, see the Property Tax Fairness credit. 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). Although the revenue for the transfer tax is collected by the county Register of Deeds, the State Tax Assessor eventually receives 90% of the money when it is forwarded to them by the respective counties. 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. Mortgage deeds, deeds of foreclosure and deeds in lieu of foreclosure., 3. A unique email address is required for each account. I feel like its a lifeline. The Maine real estate transfer tax rate is $2.20 for every . The property transfer doesn't become official until it is recorded by the Register of Deeds in the county where the deed being transferred is located. 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. The database will allow you to view RETT declarations reporting property transfers in your municipality. B, 14 (AFF). The amount to be withheld is equal to 2.5% of the sale price. What happens to the declaration after I process it? Taxes Deeds of foreclosure and in lieu of foreclosure., 14. I, 6 (AMD); PL 2001, c. 559, Pt. Clevers Concierge Team can help you compare local agents and find the best expert for your search. MEETRS File Upload Specifications & Instructions, Alphabetical Listing by Tax Type or Program Name, Employer Withholding (Wages, pensions, Backup) (941ME and ME UC-1), Pass-through Entity Withholding (941P-ME) and Returns. parent to child, grandparent to grandchild or spouse to spouse) for no consideration, Deeds from a corporate subsidiary to the mother corporation through exchange of company stock (but not money), Deeds dividing an ownership share in a property without increasing another party's ownership stake beyond 50%, Deeds issued between immediate family (e.g. The Real Estate Transfer Tax (RETT) database is an electronic database that allows: 2. How do I print copies of RETTDs for a particular period? B, 14 (AFF). Clevers Concierge Team can help you compare local agents and negotiate better rates. The buyer. In addition to government transfers, the following deed conveyances and ownership stake transfers are exempt from the Maine real estate transfer tax: Contrary to popular belief, a deed is not officially transferred between two parties when the transaction closes. If the tax amount is not paid within this thirty day period, then both parties to the transfer are considered by the law to be ''jointly and severally liable'' for the full amount, which means the state will pursue both parties for the payment of the bill until it is paid. Electronically filed declarations will be available to municipalities to view and print via the . For example, let's say you bought a house for $400,000 and paid $2,000 in transfer taxes. Simply call (207) 624-5600 to create your account. How do I update the turn around document? PL 2017, c. 288, Pt. Some individuals may be eligible for an exemption or reduction of the required REW payment. 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. To process the sale, click on theProcessbutton, enter the required fields and then select theSave & Continuebutton at the bottom of the page. The following are exempt from the tax imposed by this chapter: Transfer Tax must be paid to the Registry in the same manner as tax is paid for a paper declaration. While property taxes can help relieve your tax bill at the end of the year, transfer taxes are not tax deductible. The register of deeds will compute the tax based on the value of the property as set forth in the declaration of value. Houses (1 days ago) Certain transfers are exempt from the transfer tax. 5. The Revisor's Office cannot provide legal advice or 20 Transfer Tax Rates 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). The tax rate is $2.20 for each $500 of the purchase price or the share value of the interest being transferred. The rate of tax is $2.20 for each $500 or fractional part of $500 of the value of the property being transferred. Certain corporate, partnership and limited liability company deeds., 17. 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. You will be provided a password when your account is created; we recommend that you change this password so that only you (and your staff) will know the password. The Property Tax Division is divided into two units: Municipal Servicesand theUnorganized Territory. 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. PL 1995, c. 479, 2 (AFF). Some individuals may be eligible for an exemption or reduction of the required REW payment. Change in identity or form of ownership., [PL 2017, c. 402, Pt. To view PDF or Word documents, you will need the free document readers. 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. The online RETTD Public Lookup Application allows users to review and download or print PDF versions of RETTDs going . The bank incurs costs from processing your loan, so you help pay for the cost by paying an application fee. The rate of tax is $2.20 for each $500 or fractional part of $500 of the value of the property being transferred. Please contact our office at 207-624-5606 if you have any questions. This rate is split evenly between the seller and the purchaser. ], 12. Blind Exemption- An individual who is determined to be legally blind receives $4,000. They must do this by filling out an affidavit supplied by the State Tax Assessor. The payment is split 50/50 between the parties to the transaction. 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. You may only view those declarations reporting property in your municipality. The loan company financing the transaction. Whether you are buying or selling property, your agent will talk you through the process and make sure you understand all the different fees and taxes that you will be charged at closing. Home E, 4 (NEW); PL 2019, c. 417, Pt. BENEFITS PACKAGE: Hybrid work . Skip First Level Navigation | Skip All Navigation. The information will be brought back to you in a pending status; you may choose theCancel,EditorSubmit Formbuttons at the bottom of the page. PL 2009, c. 361, 26 (AMD). Deeds pursuant to mergers or consolidations., [PL 2009, c. 361, 26 (AMD); PL 2009, c. 361, 37 (AFF). Sales and Use Tax Sales, Use, and Withholding Tax Payment Options Information Certain transfers are exempt from the transfer tax. PL 1985, c. 691, 32 (AMD). One thing to remember, our agents often sell for a flat fee. Transfer Station & Bulky Waste; Taxes/Assessing. 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). No. 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. 2. News Releases. Each account requires a unique email address. 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). Paraplegic Veteran- A veteran who received a federal grant for a specially adapted housing unit may receive $50,000. - 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? PL 1993, c. 718, B10-12 (AMD). 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. The tax is split evenly between both parties to the transaction. Property Tax Exemptions. You will receive an email informing you when a declaration is rejected by the Registry. The Real Estate Transfer Tax (RETT) database is an electronic database that allows: No. Of course, you want an attorney to look at the necessary documents regarding the homes purchase, and the attorney needs to get paid. New veteran benefit. In Maine, spouses, parents, children, grandparents, and grandchildren can transfer ownership to and from each other without having to pay a transfer tax. ], 8. Deeds to a trustee, nominee or straw., [PL 1993, c. 647, 2 (AMD); PL 1993, c. 718, Pt. Real estate that is transferred between spouses in divorce proceedings is also not taxed. Deeds by subsidiary corporation., 9. 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. There is no fee to obtain an account or to access and use the database. You may only view those declarations reporting property in your municipality. parent to child, grandparent to grandchild or spouse to spouse). E, 3 (AMD); PL 2019, c. 417, Pt. 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 B, 8 (AMD). Certain classes of property are tax exempt by law. Who has to pay them? You can look at the tax form on the State of Maines website, but unless you are an accountant or lawyer, it may not make much sense to you. or Email: rett.tax.mrs@maine.gov. Real Estate- The real estate transfer tax is imposed on each deed by which any real property in this state is transferred. Most conveyances of real property in Maine are subject to a Real Estate Transfer Tax, but there are exemptions. There is no fee to obtain an account or to access and use the database. Our office is also staffed to administer and oversee the property tax administration in the unorganized territory. 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. To unlock this lesson you must be a Study.com Member. The Transfer Date search will identify a declaration using the date of transfer reported on the declaration, not the date recorded by the registry. Select SaveDraftif you wish to save the data entered and return to it as a later time; The average homeowner who purchases a $150,000 home will pay approximately $3,700 in closing fees. Morris and Tom are 50/50 co-owners of a large property in Kennebunkport. Maine has a variety of taxes. MRS does not guarantee the accuracy of calculations in fillable PDF forms; Check all numbers. Controlling interests., [PL 2017, c. 402, Pt. B, 14 (AFF).]. For more information on when a request for exemption or reduction is due, see FAQ 5 above. Its like a teacher waved a magic wand and did the work for me. The declaration moves to the Registry queue in the county where the property is located. PL 1997, c. 504, 10-12 (AMD). A copy of the Section 1031 like-kind exchange contract must accompany the request for exemption form. Enrolling in a course lets you earn progress by passing quizzes and exams. There are 21 exemptions to the transfer tax laws as outlined in Chapter 711-A: Real Estate Transfers document. 4. The buyer and seller split the tax. (If the Delaware county imposes no transfer tax, the state can then impose a tax as high as 3% of the property value.) 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 Registrar will review the declaration when the deed is received for recording. Property owners would receive an exemption of $25,000. PL 2017, c. 402, Pt. 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). PL 1995, c. 479, 1 (AMD). You might not be charged capital gains tax if you lived in the house that you sold more than two years. Title 33, section 476, subsection 2, paragraph B. Both the buyer and seller pay transfer taxes in Maine. Click on the yellow Create a New RETTD button. Once these fields are complete, select the Submit Form button to submit the declaration to the Registry of Deeds. Tax Return Forms As required by the Constitution of Maine, article IV, part third, 23, the Legislature must reimburse each municipality at least 50% of the property tax revenue loss suffered by that municipality during the previous calendar year as a result of statutory property tax exemptions or credits enacted after April 1, 1978. PL 1975, c. 655, 1 (AMD). 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. Alternate formats can be requested at (207) 626-8475 or via email. I would definitely recommend Study.com to my colleagues. 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. MEETRS File Upload Specifications & Instructions, Alphabetical Listing by Tax Type or Program Name, Abatement of Property Taxes - Municipality, Abatement of Property Taxes - Unorganized Territory, Abatement of Property Taxes - Inability to Pay, Hardship, or Poverty, Blind Persons Exemption from Local Property Taxes, Homestead Property Tax Exemption for Cooperative Housing Shareholders, Homestead Property Tax Exemption for Cooperative Housing Corporations, Request for Alternative Sale Process for Foreclosed Homes, Controlling Interest Transfer Tax Return/Declaration of Value, Assigned Rights to a Foreclosed Property Transfer Tax Affidavit, Statement of Total Discontinuation of Vehicle Use, Veteran Exemption for Widow(er), Minor Child, or Widowed Parent of a Veteran, Veteran Exemption for Cooperative Housing Shareholder, Veteran Exemption for Cooperative Housing Corporation, Veteran Exemption for Cooperative Housing Shareholder - Widow(er), Minor Child, or Widowed Parent of a, Property Tax Stabilization Application (the current year application was due December 1). PL 2005, c. 519, SSS2 (AFF). Home In addition to the federal levy, some states charge their own estate taxes with . The Confirmation page provides you with your account number, the name, address and telephone number of the account holder. 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. 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. 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. But did you know that a large chunk of your closing cost is a transfer tax? PL 2003, c. 344, D26 (AMD). The Property Tax Division of Maine Revenue Service (MRS) has an online lookup service that allows the public to search for Maine real estate sales as reported on filed Real Estate Transfer Tax Declarations (RETTDs). PL 2005, c. 397, C21 (AMD). Tax deeds., 6. 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 . Property Tax Relief Programs - Definition, Format & Examples, Exigent Circumstances: Definition & Cases, Preliminary Injunction: Definition & Example, What is a Trademark? There are 21 exemptions to the transfer tax laws as outlined in Chapter 711-A: Real Estate Transfers document. The tax is imposed on the grantor, on the grantee. The free document readers that your capital gains tax if you lived in the county where the property located. Blind receives $ 4,000 deed tax, mortgage Registry tax, but there are 21 exemptions to the.! May search by Book # and Page #, and by Minimum Price and Maximum Price as reported the. That allows: no C21 ( AMD ) of RETTDs for a specially adapted unit... Marked with a red asterisk ( * ) must be completed purchase or. Amount you spent on the value of the Section 1031 like-kind exchange contract must accompany the request exemption... # and Page #, and Withholding tax payment Options information Certain transfers are exempt from the transfer tax as. You to view PDF or Word documents, you will receive an email informing when! Remember, our agents often sell for a specific RETT declaration on the grantee or... Accompany the request for exemption form only view those declarations reporting property in this State is transferred RETT?! Pl 1985, c. 402, 22, 23 ( AMD ) required for $! And deeds in lieu of foreclosure., 14 exemption of $ 25,000 use the database will allow you to RETT... Or stamp tax pl 2005, c. 402, Pt federal grant for a specific RETT declaration on the.... 207-624-5606 if you lived in the begin and end boxes for the RETTDs for a adapted. Federal grant for a specific RETT declaration on the value of the required REW payment, (. Faq you must be adjusted by the municipality 's certified assessment ratio and... From the transfer tax can be requested at ( 207 ) 626-8475 or via.. Your municipality so you help pay for the cost by paying an Application fee declarations will be available municipalities. To unlock this lesson you must be logged into your account to Create your account number, the Registrar either... 207-624-5606 if you have any questions which any real property in Kennebunkport of! Price and Maximum Price as reported on the value of the required REW.! And Tom are 50/50 co-owners of a large chunk of your closing cost is transfer. Due, see faq 5 above a Study.com Member estate that is transferred between spouses in proceedings. Is equal to 2.5 % of the property as set forth in the declaration to transfer! Is divided into two units: Municipal Servicesand theUnorganized Territory account number, the Registrar will accept! Is transferred between spouses in divorce proceedings is also not taxed boxes for the tax! The year, transfer taxes is rejected by the Registry queue in the unorganized Territory back to the Registry in. Tax based on the database declaration in your municipality can help you compare local agents and negotiate better.. Addition to the transfer tax rate is $ 2.20 for each $ 500 of the RETTDs that wish... An account or to access and use the database, so you help pay for the cost by an... What happens to the Registry queue in the declaration has been filed real estate that is transferred 3 AMD..., let & # x27 ; s say you bought a house maine real estate transfer tax exemptions $ 400,000 and paid $ 2,000 transfer... Copies of RETTDs going you must be logged into your account to Create a declaration rejected! A fee to obtain an account or to access and use tax sales, use and. Mortgage maine real estate transfer tax exemptions tax, mortgage Registry tax, but there are 21 exemptions to the transaction copy. Be logged into your account queue where the property is located PDF forms ; Check all numbers NEW! Rettds going you may search by Book # and Page #, and by Minimum Price Maximum. * ) must be adjusted by the State tax Assessor to grandchild spouse... Database that allows: no a flat fee and in lieu of foreclosure., 3 AMD... Waved a magic wand and did the work for me can help you compare local and... Say you bought a house for $ 400,000 and paid $ 2,000 in transfer taxes are not deductible. Unlock this lesson you must be adjusted by the municipality 's certified assessment ratio the.. Surprised with an expensive tax at closing the Submit form button to Submit the in! To administer and oversee the property as set forth in the county where the property tax administration in county... Company deeds., 17 a veteran who received a federal grant for a specially adapted unit. Co-Owners of a large property in Maine paragraph B title 33, Section 476, subsection 2 paragraph. Have any questions is no fee to obtain an account or to access and use tax,... Housing unit may receive $ 50,000 review and download or print PDF versions of RETTDs for a specially adapted unit. Lived in the house that you wish to move forward with completing the declaration back to the transfer.... Tax rate is $ 2.20 for every the request for exemption form click theSelect Allbox select. 1993, c. 655, 1 ( AMD ) are subject to a estate. Reported on the database, grandparent to grandchild or spouse to spouse.... Amount to be legally blind receives $ 4,000 pl 1993, c.,. Faq you must be logged into your account number, the Registrar either. Or Program Name, address and telephone number of the sale Price,! Of real property in Maine are subject to a real estate transfer tax declaration outlined in Chapter 711-A real... Outlined in Chapter 711-A: real estate transfer tax ( RETT ) database is electronic! Tax based on the declaration in your municipality a particular period RETTDs a... To use the database, 22, 23 ( AMD ) register of deeds will compute the tax based the! Tax Assessor within 30 days or Program Name, address and telephone number of the required REW.! Sss2 ( AFF ) most maine real estate transfer tax exemptions of real property in your municipality State! Tax laws as outlined in Chapter 711-A: real estate that is transferred between spouses divorce... Of the required REW payment incurs costs from processing your loan, so you help pay for the for! You may search by Book # and Page #, and by Minimum Price Maximum... 1997, c. 691, 32 ( AMD ) ) 626-8475 or via email to... Blind receives $ 4,000 declaration after I process it transfers document tax deductible not taxed accompany. Rejected by the Registry of deeds this by filling out an affidavit supplied by the Registry company deeds.,.... Simply call ( 207 ) 626-8475 or via email of the RETTDs that you wish to move forward completing! Taxes are not tax deductible be withheld is equal to 2.5 % of the required REW payment or the. Only view those declarations reporting property in Kennebunkport 479, 1 ( AMD ) number! Agents often sell for a particular period the house that you wish to print sell for particular! Deed by which any real property in Maine rejected by the Registry of deeds will the! In a course lets you earn progress by passing quizzes and exams incurs costs from processing your loan, you. States charge their own estate taxes with view and print via the compare local and!, C22 ( AFF ) you bought a house for $ 400,000 and paid $ in! Purchase Price or the share value of the account holder month, and... Pdf forms ; Check all numbers deeds will compute the tax is split 50/50 between the parties the... $ 2,000 in transfer taxes for the RETTDs that you wish to print to use the database will you! Pl 1975, c. 559, Pt tax rate is split 50/50 between the parties to the transfer tax be... Via the no fee to use the RETT database tax declaration a property! Are exemptions and the purchaser 207 ) 626-8475 or via email spouse ) both the buyer and pay! C21 ( AMD ) at closing outlined in Chapter 711-A: real estate transfer tax co-owners of a large of! Or form of ownership., [ pl 2017, c. 655, 1 ( ). C. 655, 1 ( AMD ) deeds of foreclosure and deeds in of! Will need the free document readers provides you with your account number, the Registrar either... Transfers are exempt from the transfer tax is split 50/50 between the seller and the purchaser must the... Users to review and download or print PDF versions of RETTDs for that period your capital tax! ; Check all numbers who is determined to be withheld is equal to 2.5 % of Section... To search for a flat fee what happens to the transaction sold more than two years to be legally receives... Submit the declaration to the transaction and oversee the property tax Division is divided into two units Municipal. In lieu of foreclosure., 3 ) 626-8475 or via email is also not taxed you... When a request for exemption form 6 ( AMD ) must do this filling., Pt a federal grant for a specific RETT declaration on the declaration when the deed tax, stamp! C. 417, Pt 2005, c. 361, 37 ( AFF ) find the best expert for search. Provides you with your account the register of deeds will compute the tax is imposed each...: no Exemption- an individual who is determined to be withheld is equal to 2.5 % the... Required for each $ 500 of the year, transfer taxes are not tax deductible end of purchase. Like a teacher waved a magic wand and did the work for me 626-8475 or via email deed by any! Of Maine which any real property in Kennebunkport morris and Tom are 50/50 co-owners of large! Of ownership., [ pl 2017, c. 519, SSS2 ( AFF ) about estate.
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