Alternate formats can be requested at (207) 626-8475 or via email. E, 2 (AMD); PL 2019, c. 417, Pt. 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? All you need is internet access. PL 2005, c. 397, C21 (AMD). Sales & Use, Withholding, and Service Provider Tax Registration. PL 2017, c. 402, Pt. You will also see the declaration in your account queue. There are 21 exemptions to the transfer tax laws as outlined in Chapter 711-A: Real Estate Transfers document. Alternate formats can be requested at (207) 626-8475 or via email. 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. SelectContinueif you wish to move forward with completing the declaration. Sales tax is 5.5% and local governments do not tack on a local tax. Click onCreate Reportin the yellow box. MEETRS File Upload Specifications & Instructions, Alphabetical Listing by Tax Type or Program Name, Department of Economic and Community Development. The tax is imposed on the grantor, on the grantee. In addition to the deed, there must be a declaration of value form signed by both parties. Back to top 2. Property owners would receive an exemption of $25,000. Property Tax Relief Programs Deeds of distribution., [PL 2017, c. 402, Pt. The payment is split 50/50 between the parties to the transaction. 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 Houses (1 days ago) Certain transfers are exempt from the transfer tax. B, 14 (AFF). Taxpayers must apply for the credit by April 1 of the first year the exemption is requested. Here are the different taxes and the related rates: Income tax rates from a low of 5.8% to 7.15%. How do I update the turn around document? What happens to the declaration after I process it? The Transfer Date search will identify a declaration using the date of transfer reported on the declaration, not the date recorded by the registry. f) Forms. The information will be brought back to you in a pending status; you may choose theCancel,EditorSubmit Formbuttons at the bottom of the page. The Director, Real Estate Transfer Tax will play an instrumental role in the development of the Real Estate Transfer Tax section of the Property Tax Consulting Practice. You may only view those declarations reporting property in your municipality. , 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; Partial exemptions must be adjusted by the municipality's certified assessment ratio. One thing to remember, our agents often sell for a flat fee. 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 Once these fields are filled, select. 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. As such, the seller may request an exemption from the Maine real estate withholding requirement for this property transfer (Form REW-5). Controlling interests., [PL 2017, c. 402, Pt. In addition to the federal levy, some states charge their own estate taxes with . The rate of tax is $2.20 for each $500 or fractional part of $500 of the value of the property being transferred. PL 1975, c. 572, 1 (NEW). Since you paid $2,000 in transfer taxes before, your total taxable capital gains would only be $98,000. I, 5 (AMD); PL 2001, c. 559, Pt. PL 2009, c. 361, 37 (AFF). All rights reserved. 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. 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 2003, c. 344, D26 (AMD). More information and instructions can be found on our forms page, from the link below. PL 2001, c. 559, I5-8 (AMD). The real estate transfer tax can also be called the deed tax, mortgage registry tax, or stamp tax. But did you know that a large chunk of your closing cost is a transfer tax? 18 Transfer tax must be paid to the register of deeds when recording a deed that is not exempt from the tax. How to Create a Real Estate Transfer Tax declaration? ], 16. parent to child, grandparent to grandchild or spouse to spouse). Revised: 4/8/2022 For more information, see the Property Tax Fairness credit. [PL 2001, c. 559, Pt. What are real estate transfer taxes? Is there a fee to use the RETT database? Enter the month, date and year in the begin and end boxes for the RETTDs that you wish to print. 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. If all the fields are complete, you will receive an email confirming the declaration has been filed. PL 2001, c. 559, I15 (AFF). https://www1.maine.gov/cgi-bin/online/mrs/rettd/index.pl. Below we will provide an overview of the Maine real estate transfer tax. 2022 Clever Real Estate. Deeds affecting a previous deed., 4. There is no fee to obtain an account or to access and use the database. How do I print copies of RETTDs for a particular period? Call: (207) 624-5606 They must do this by filling out an affidavit supplied by the State Tax Assessor. PL 2017, c. 288, Pt. The tax is imposed on the grantor, on the grantee. Learn about real estate transfer taxes for the state of Maine. E, 4 (NEW); PL 2019, c. 417, Pt. PL 2005, c. 519, SSS2 (AFF). Some individuals may be eligible for an exemption or reduction of the required REW payment. The register of deeds will compute the tax based on the value of the property as set forth in the declaration of value. Once these fields are complete, select the Submit Form button to submit the declaration to the Registry of Deeds. Certain corporate, partnership and limited liability company deeds., 17. 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. 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). Home Change in identity or form of ownership., [PL 2017, c. 402, Pt. Maine charges a transfer tax for recording most deeds transferring Maine real estate. ], 20. Tax Relief Credits and Programs You will see a list of the RETTDs for that period. I, 15 (AFF). You must be logged into your account to create a declaration. FAQ New veteran benefit. To view PDF, Word or Excel documents, you will need the free document readers. See 33 M.R.S. What is the Real Estate Transfer Tax database? Clevers Concierge Team can help you compare local agents and find the best expert for your search. Enter your zip code to see if Clever has a partner agent in your area. 6. Select SaveDraftif you wish to save the data entered and return to it as a later time; Please contact our office at 207-624-5606 if you have any questions. The declaration moves to the Registry queue in the county where the property is located. Your will have the option to Resubmit the declaration with the required information or Delete it. Click on one of the following yellow buttons on bottom page: If you have completed all the required fields select the yellow, You will be directed to a page where social security numbers or federal identification numbers must be entered for the Grantee and Grantor. Home 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 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). 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. 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. Home This will open the Create an Account page allowing the user to enter their demographic information. Then assume you're selling the house for $500,000. Can I search for and view for declarations that I have submitted? 21 chapters | Deeds prior to October 1, 1975., 10. Most conveyances of real property in Maine are subject to a Real Estate Transfer Tax, but there are exemptions. Talk with your agent to see if you could be exempt from this tax. The average homeowner who purchases a $150,000 home will pay approximately $3,700 in closing fees. 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. For more information, see the Property Tax Fairness credit. 4. 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. Please contact our office at 207-624-5606 if you have any questions. If you Delete the document, the registry will not be able to record the deed. Skip First Level Navigation | Skip All Navigation. The state of Maine has a real estate transfer tax that is due whenever the deed to real estate is exchanged between two parties for money. PL 1993, c. 398, 4 (AMD). B, 14 (AFF).]. 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. PL 1993, c. 680, A31 (AMD). PL 2013, c. 521, Pt. Municipalities to view and print RETT declarations and to update data for the annual turn around document. What is the Real Estate Transfer Tax database? Each account requires a unique email address. The Revisor's Office cannot provide legal advice or Click on Create an Account, a yellow box on the right side of the screen. PL 1995, c. 479, 1 (AMD). You sell a property and make money on the sale. Certain classes of property are tax exempt by law. Paraplegic Veteran- A veteran who received a federal grant for a specially adapted housing unit may receive $50,000. Our office is also staffed to administer and oversee the property tax administration in the unorganized territory. How to Create a Real Estate Transfer Tax declaration? The Maine real estate transfer tax rate is $2.20 for every . What do I do if my declaration is returned to me by the Registry of Deeds? 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. Exemptions State, local and federal government agencies that are receiving or conveying a deed to a property are not required to pay the real estate transfer tax. I, 6 (AMD); PL 2001, c. 559, Pt. 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. Certain transfers are exempt from the transfer tax. The current rate for the Maine transfer tax is $2.20 per every $500 of the sale. 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. ], 19. interpretation of Maine law to the public. 36 M.R.S. The database will allow you to view RETT declarations reporting property transfers in your municipality. We offer this because we're confident you're going to love working with a Clever Partner Agent. - 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? Instructions, Alphabetical Listing by tax Type or Program Name, Department Economic. Received a federal grant for a particular period declaration after I process it 1 ( AMD ) Programs. 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