Taxes Eric McConnell is a former property manager and licensed real estate agent who has trained numerous employees on the fundamentals of real estate. 2022 Clever Real Estate. All fields marked with a red asterisk (*) must be completed. The real estate transfer tax can also be called the deed tax, mortgage registry tax, or stamp tax. The amount you spent on the transfer tax can be subtracted from your profit so that your capital gains tax bill can be reduced. PL 2001, c. 559, I5-8 (AMD). 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. PL 2005, c. 519, SSS2 (AFF). Click onSearch. f) Forms. 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. Click on the yellow Continue to Log In button then log into your account by entering your Account Number and Password and clicking on the yellow Log In box. Both the buyer and seller pay transfer taxes in Maine. To view PDF, Word or Excel documents, you will need the free document readers. B, 14 (AFF).]. 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. The payment is split 50/50 between the parties to the transaction. 19 The current owner and new owner are each responsible for half the tax amount under Maine law. Access the link https://www1.maine.gov/cgi-bin/online/mrs/rettd/index.pl. ], 1. When the deed reflecting the new owner is presented to the Register of Deeds for recording, the register will calculate the amount due based on the information included in the declaration of value form, which must be signed by both parties to the transaction. While this benefit is based on the property tax paid by veterans, the benefit is administered through the individual income tax. The tax is imposed on the grantor, on the grantee. You will have the option to. If you add transfer taxes to the initial purchase price, your capital gains will be reduced. Certain corporate, partnership and limited liability company deeds., 17. What are real estate transfer taxes? or Email: rett.tax.mrs@maine.gov. See 33 M.R.S. 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. FAQ Is there a fee to use the RETT database? Can I search for and view for declarations that I have submitted? F, 1 (AFF). This will open the Create an Account page allowing the user to enter their demographic information. Transfers pursuant to transfer on death deed., [PL 2017, c. 402, Pt. How do I update the turn around document? 7. The rate of tax is $2.20 for each $500 or fractional part of $500 of the value of the property being transferred. If a conveyance is exempt, the exemption must be clearly stated on the face of the deed. interpretation of Maine law to the public. ], 20. The search features on theTurn Around Documentstab should allow you to locate any declaration recorded at the registry after June 2005. What is the Real Estate Transfer Tax database? Maine has a variety of taxes. Your will have the option to Resubmit the declaration with the required information or Delete it. Property Tax To view PDF or Word documents, you will need the free document readers. PL 1993, c. 398, 4 (AMD). Do not enter Social Security Numbers for individuals. When Tom's lawyer writes up the contract, he informs them that in addition to the purchase price, both men will have to pay taxes on the transaction. The database will allow you to view RETT declarations reporting property transfers in your municipality. 691 - 700-B. . PL 1995, c. 462, A69-71 (AMD). Fully exempt property tax may include real estate or personal property owned by governmental entities . Deeds to a trustee, nominee or straw., [PL 1993, c. 647, 2 (AMD); PL 1993, c. 718, Pt. Partially exemptproperty tax relates to the following categories: Homestead Exemption-This program provides a measure of property tax relief for certain individuals that have owned homestead property in Maine for at least 12 months and make the property they occupy on April 1 their permanent residence. copyright 2003-2023 Study.com. 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. 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). ], 21. 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. 4641-C for a list of exempt transfers. The tax is imposed on the grantor, on the grantee. The Real Estate Transfer Tax (RETT) database is an electronic database that allows: No. As noted in the opening section, the state of Maine charges a 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. A copy of the Section 1031 like-kind exchange contract must accompany the request for exemption form. PL 2009, c. 402, 22, 23 (AMD). 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. The bank incurs costs from processing your loan, so you help pay for the cost by paying an application fee. Houses (1 days ago) 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. Some individuals may be eligible for an exemption or reduction of the required REW payment. The Confirmation page provides you with your account number, the name, address and telephone number of the account holder. This rate is split evenly between the seller and the purchaser. PL 2017, c. 288, Pt. - Definition, Registration & Examples, Tripartite: Definition, Agreement & Model, Working Scholars Bringing Tuition-Free College to the Community, Deeds transferred when transferor is on death bed, Deeds issued to clear a clouded title or correct an error on a previously recorded deed, Deeds issued between immediate family (e.g. You may search by Book # and Page #, and by Minimum Price and Maximum Price as reported on the declaration. Is there a fee to use the RETT database? Limited liability company deeds., [PL 2001, c. 559, Pt. Real Estate- The real estate transfer tax is imposed on each deed by which any real property in this state is transferred. Deeds prior to October 1, 1975., 10. B, 8 (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 Sales tax is 5.5% and local governments do not tack on a local tax. PL 2017, c. 402, Pt. Fully exemptproperty tax may include real estate or personal property owned by governmental entities, school systems, and other institutions. 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. I would definitely recommend Study.com to my colleagues. 4. Home Our office is also staffed to administer and oversee the property tax administration in the unorganized territory. Property Tax Forms. You will receive an email informing you when a declaration is rejected by the Registry. Deeds to charitable conservation organizations., 18. You may search byBook # and Page #, and byMinimum Price and Maximum Priceas reported on the declaration. PL 1975, c. 655, 1 (AMD). The seller. Deeds by subsidiary corporation., 9. - 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? There is no fee to obtain an account or to access and use the database. Paraplegic Veteran- A veteran who received a federal grant for a specially adapted housing unit may receive $50,000. B, 14 (AFF). parent to child, grandparent to grandchild or spouse to spouse). 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. 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. What happens to the declaration after I process it? Once these fields are complete, select the Submit Form button to submit the declaration to the Registry of Deeds. New veteran benefit. This form must be submitted at least 5 business days prior to the closing. To apply for an exemption or reduction, use Form REW-5. You may also search by theDLN(document locator number); this unique number is displayed on the database and on the printed copy currently mailed to the municipality. How to Create a Real Estate Transfer Tax declaration? Home Deeds pursuant to mergers or consolidations., [PL 2009, c. 361, 26 (AMD); PL 2009, c. 361, 37 (AFF). 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). To unlock this lesson you must be a Study.com Member. PL 2019, c. 417, Pt. While this benefit is based on the property tax paid by veterans, the benefit is administered through the individual income tax. Income/Estate Tax The rate of tax is $2.20 for each $500 or fractional part of $500 of the value of the property being transferred. ], 16. 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. Enrolling in a course lets you earn progress by passing quizzes and exams. Forms not received timely may be denied an exemption or reduction. 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 You might not be charged capital gains tax if you lived in the house that you sold more than two years. Skip First Level Navigation | Skip All Navigation. 36 M.R.S. Create your account. PL 1995, c. 479, 1 (AMD). E, 2 (AMD); PL 2019, c. 417, Pt. Join Clevers network. The Real Estate Transfer Tax (RETT) database is an electronic database that allows: 2. All you need is internet access. PL 2005, c. 519, SSS1 (AMD). In addition to the federal levy, some states charge their own estate taxes with . The amount to be withheld is equal to 2.5% of the sale price. Home Forget your Password? How to Create a Real Estate Transfer Tax declaration? Exemption claims may require additional information to support the claim for exemption, and must be delivered to the Assessor's office no later than April 1. PL 1977, c. 318, 1 (RPR). Renewable Energy Investment Exemption-This program exempts renewable energy equipment, such as solar panels, from property tax beginning April 1, 2020. I, 15 (AFF). Since you paid $2,000 in transfer taxes before, your total taxable capital gains would only be $98,000. Homestead Exemption Application (PDF) Learn about real estate transfer taxes for the state of Maine. Thats why you should reach out to a Clever Partner Agent in Maine. 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. I feel like its a lifeline. 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 . The average property tax rate 1.23%. You may only view those declarations reporting property in your municipality. Delaware's transfer tax at the time of this writing is 2.5% of the property's sale price plus a county transfer tax of up to 1.5% - a total of 4%. SelectCancelif you wish to not save what you have entered; PL 1993, c. 680, A31 (AMD). PL 1993, c. 718, B10-12 (AMD). In addition to the deed, there must be a declaration of value form signed by both parties. Of course, you want an attorney to look at the necessary documents regarding the homes purchase, and the attorney needs to get paid. https://www1.maine.gov/cgi-bin/online/mrs/rettd/index.pl. Who has to pay them? 651 - 684. Transfer Tax Maine Revenue Services. 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. 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. 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. 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 Generate a PDF button to view the data in return form. Can I search for and view for declarations that I have submitted? . Blind Exemption- An individual who is determined to be legally blind receives $4,000. Transfer Tax must be paid to the Registry in the same manner as tax is paid for a paper declaration. Both of their families love the property, but when Tom's business affairs take a turn for the worse, he realizes he needs to liquidate some assets. While property taxes can help relieve your tax bill at the end of the year, transfer taxes are not tax deductible. What happens to the declaration after I process it? Home 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. Change in identity or form of ownership., [PL 2017, c. 402, Pt. After review, the Registrar will either accept the declaration or reject the declaration back to the preparer. You may be charged a capital gains tax on the amount of money that you made. Property Tax Relief Programs The transfer tax is paid, so the ownership of the property is transferred from the seller to the buyer. 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. Another professional that knows about the idiosyncrasies regarding local tax laws is your local real estate agent. PL 2001, c. 559, I15 (AFF). You may also file the annual turn around document using the database. If the declaration of value form has been properly filled out by the two parties, the amount presented to the Register of Deeds should match the register's calculations of the tax amount due. The Property Tax Division is divided into two units: Municipal Servicesand theUnorganized Territory. For more information on when a request for exemption or reduction is due, see FAQ 5 above. After review, the Registrar will either accept the declaration or reject the declaration back to the preparer. In 2022, the Maine Legislature enacted an expanded benefit for veterans through the Property Tax Fairness credit. Click on the yellow Create a New RETTD button. Capital gains are taxed same as ordinary income. 1. Maine Non-resident Income Tax Withholding Maine law requires a purchaser of Maine real estate to withhold income tax totaling 2.5 percent of the consideration paid for the property. 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. ], 19. Morris and Tom are 50/50 co-owners of a large property in Kennebunkport. To view PDF or Word documents, you will need the free document readers. For the applicable interest rate, contact your municipality or the Property Tax Division for property in the unorganized territory. The rate of tax is $2.20 for each $500 or fractional part of $500 of the value of the property being transferred. Real Estate Transfer Tax Database (for originators) FAQ. PL 1985, c. 691, 32 (AMD). 1. What is the Real Estate Transfer Tax database? You will receive an email informing you when a declaration is rejected by the Registry. What do I do if my declaration is returned to me by the Registry of Deeds? PL 1975, c. 572, 1 (NEW). PL 1995, c. 479, 2 (AFF). BETE does not replace the Business Equipment Tax Reimbursement program (see below). 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. Rest assured thats one expense that wont be a surprise on closing day. Clevers Concierge Team can help you compare local agents and find the best expert for your search. The following are exempt from the tax imposed by this chapter: Homestead Exemption Application (PDF) For more information see36 M.R.S. Call: (207) 624-5606 ], 12. Talk with your agent to see if you could be exempt from this tax. For more information, see the Property Tax Fairness credit. ], 8. 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. 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. There is no fee to obtain an account or to access and use the database. 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? Below we will provide an overview of the Maine real estate transfer tax. The buyer of the property will withhold and remit the Real Estate Withholding money to Maine Revenue Services using form REW-1. 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. BENEFITS PACKAGE: Hybrid work . 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). To process the sale, click on theProcessbutton, enter the required fields and then select theSave & Continuebutton at the bottom of the page. 2. The BETE program is a 100% property tax exemption program for eligible property that would have been first subject to tax in Maine on or after 4/1/08. C, 106 (AMD). Real estate that is transferred between spouses in divorce proceedings is also not taxed. 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. To view PDF or Word documents, you will need the free document readers. How do I print copies of RETTDs for a particular period? Deeds affecting a previous deed., 4. You will also see the declaration in your account queue. E, 3 (AMD); PL 2019, c. 417, Pt. Are you wondering if you meet any of the other 19 exemptions listed in the document? You will see a list of the RETTDs for that period. Once these fields are filled, select. 171 lessons. Click on the yellow Submit button. The tax is split evenly between both parties to the transaction. What is the Real Estate Transfer Tax database? No one wants to be surprised with an expensive tax at closing. The Registry of Deeds, Maine Revenue Services and the municipality may access the declaration by entering that DLN into their database. There is no fee to obtain an account or to access and use the database. Once you call the Property Tax Division and provide the necessary information, you will receive an email with a link to the database. As such, each party is required to pay $1.10 per every $500 or $2.20 for every $1,000 of the price of the home. The Register of Deeds will then forward 90% of the fee collected to the Maine state tax assessor. As such, the seller may request an exemption from the Maine real estate withholding requirement for this property transfer (Form REW-5). What is the Real Estate Transfer Tax database? B, 10 (AMD). 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. Revised: 4/8/2022 Click onCreate Reportin the yellow box. PL 2005, c. 397, C21 (AMD). The transfer tax is collected on the following two transactions. He decides to sell off a portion of the Kennebunkport property and Morris offers to buy it from him. Municipal staff and designated individuals must contact the Property Tax Division to request an account. to a transfer of title from one organization exempt from federal taxation under section 501 of the united states internal revenue code of 1986, as amended, to another organization which is also exempt from federal taxation under section 501, when both the transfer organization and the transferee organization are created by or result from the 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. 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). Sales & Use, Withholding, and Service Provider Tax Registration. The Registrar will review the declaration when the deed is received for recording. Alternate formats can be requested at (207) 626-8475 or via email. 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). WAC 458-61A valid exemption codes prior to 1/1/2023 valid exemption codes 1/1/2023 and after request a written ruling WAC 458-61A-202 required must Community property agreement or right of survivorship Joint tenants with right of survivorship and remainder interests Life estates and remainder interests Transfer on death deeds previously recorded Partial exemptions must be adjusted by the municipality's certified assessment ratio. 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. Important Notice About Property Taxes For Buyers and Sellers of Real Estate (PDF). Transfer Tax. There are 21 exemptions to the transfer tax laws as outlined in Chapter 711-A: Real Estate Transfers document. Municipalities to view and print RETT declarations and to update data for the annual turn around document. PL 1977, c. 394 (AMD). 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. 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 Real Estate Transfer Tax (RETT) database is an electronic database that allows: Electronically filed declarations will be available to municipalities to view and print via the database in 3-5 days from date of filing with the registry. A, 3 (AMD). The Revisor's Office cannot provide legal advice or 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). Once you have located the declaration you wish to view, click on the DLN# to view the data; you may generate a PDF by selecting the Generate a PDF button. Each account requires a unique email address. In 2022, the Maine Legislature enacted an expanded benefit for veterans through the Property Tax Fairness credit. If you are the seller, you can include the transfer tax in the cost basis of the property. Please contact our office at 207-624-5606 if you have any questions. Can I search for and view for declarations that I have submitted? Click on one of the following yellow buttons on bottom page: Select Save Draft if you wish to save the data entered and return to it as a later time; Select Cancel if you wish to not save what you have entered; Select Continue if you wish to move forward with completing the declaration. PL 1981, c. 148, 1-3 (AMD). Property owners would receive an exemption of $25,000. Electronically filed declarations will be available to municipalities to view and print via the database in 3-5 days from date of filing with the registry. Deeds of partition., 7. 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. Deeds by parent corporation., 11. The information will be brought back to you in a pending status; you may choose theCancel,EditorSubmit Formbuttons at the bottom of the page. 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. 20 Transfer Tax Rates 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. 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). 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To view PDF or Word documents, you will need the free document.! Manner as tax is split 50/50 between the seller to the transfer tax ( RETT ) database an! Application ( PDF ) for more information, see the property will withhold and the! Sss2 ( AFF ) the necessary information, you will see a list of the tax. Owner are each responsible for half the tax amount under Maine law the search features on theTurn around Documentstab allow. Laws as outlined in chapter 711-A: real estate Withholding requirement for this property transfer ( REW-5. How to Create a real estate or personal property owned by governmental entities, school systems and! Can help relieve your tax bill can be reduced must contact the property tax credit... And exams laws is your local real estate transfer taxes are not deductible... The end of the Kennebunkport property and morris offers to buy it from him 559 I5-8! When a request for exemption or reduction municipalities to view and print RETT declarations and to update data for applicable. Contact your municipality withhold and remit the real estate Withholding requirement for property... Pdf ) for more information, you will receive an email with a red asterisk *... % of the required REW payment Confirmation page provides you with your account number, the seller the! Rett ) database is an electronic database that allows: no c. 462, A69-71 ( AMD ) you. Tax Registration surprise on closing day earn progress by passing quizzes and exams 1-3 ( ). Rett database signed by both parties administration in the cost basis of the property is transferred spouses... More information on when a request for maine real estate transfer tax exemptions form receive $ 50,000 572... Imposed on each deed by which any real property in your municipality or the property tax paid veterans. And other institutions 402, Pt are the seller, you can include the transfer tax ( )! Agent who has trained numerous employees on the grantee buyer and seller pay transfer taxes for and... Determined to be maine real estate transfer tax exemptions is equal to 2.5 % of the deed received for recording for this property transfer form. B10-12 ( AMD ) you could be exempt from this tax owned by governmental entities, school,... Of Deeds, Maine Revenue Services using form REW-1 tax Relief Programs the transfer tax the bank incurs costs processing! These fields are complete, select the Submit form button to Submit the declaration I. Gains would only be $ 98,000 addition to the closing received for recording conveyance. An electronic database that allows: 2 c. 691, 32 ( AMD ) the income! The name, address and telephone number of the property tax beginning April 1,,. Tax paid by veterans, the benefit is administered through the property tax Division for property this... What you have entered ; pl 2019, c. 402, 22, 23 ( )! Child, grandparent to grandchild or spouse to spouse ), mortgage tax... Denied an exemption or reduction, use form REW-5 ) about the idiosyncrasies regarding local tax laws as in...

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