How do I print copies of RETTDs for a particular period? Real Estate Transfer Tax Database (for originators) FAQ. 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 2005, c. 397, C21 (AMD). 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. All fields marked with a red asterisk (*) must be completed. Mortgage deeds, deeds of foreclosure and deeds in lieu of foreclosure., 3. The Real Estate Transfer Tax (RETT) database is an electronic database that allows: 2. To view PDF, Word or Excel documents, you will need the free document readers. 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. You must be logged into your account to create a declaration. 8. Controlling Interest- A separate Return/Declaration must be filed for each transfer of a controlling interest in the county where real property is located. Its like a teacher waved a magic wand and did the work for me. 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. To view PDF or Word documents, you will need the free document readers. 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 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. Property Tax Relief Programs The tax is imposed on the grantor, on the grantee. 4641-4641-N The transfer tax is collected on the following two transactions. The Registry of Deeds, Maine Revenue Services and the municipality may access the declaration by entering that DLN into their database. Deeds by parent corporation., 11. The buyer of the property will withhold and remit the Real Estate Withholding money to Maine Revenue Services using form REW-1. Sales and Use Tax Sales, Use, and Withholding Tax Payment Options Information While this benefit is based on the property tax paid by veterans, the benefit is administered through the individual income tax. [PL 2001, c. 559, Pt. Sales & Use, Withholding, and Service Provider Tax Registration. Skip First Level Navigation | Skip All Navigation. For example, an estate worth $15 million would owe taxes on $3.3 million in 2021 ($15 million minus $11.7 million). Data for this page extracted on 11/21/2022 16:00:03. 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. Title 33, section 476, subsection 2, paragraph B. PL 2003, c. 344, D26 (AMD). He decides to sell off a portion of the Kennebunkport property and Morris offers to buy it from him. Select SaveDraftif you wish to save the data entered and return to it as a later time; The transfer tax is collected on the following two transactions. Once these fields are filled, select. . 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 Click on the yellow Create a New RETTD button. You will receive an email informing you when a declaration is rejected by the Registry. The payment is split 50/50 between the parties to the transaction. Controlling interests., [PL 2017, c. 402, Pt. Home Create an account to start this course today. You may be charged a capital gains tax on the amount of money that you made. Join Clevers network. PL 1993, c. 398, 4 (AMD). REW Forms REW FAQ Email Questions Contact Information: What happens to the declaration after I process it? What is the Real Estate Transfer Tax database? 21 chapters | 7. 2. MRS does not guarantee the accuracy of calculations in fillable PDF forms; Check all numbers. ], 8. 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. For a $150,000 home, the buyer and seller in Maine will both pay $330 for the state transfer tax. The search features on theTurn Around Documentstab should allow you to locate any declaration recorded at the registry after June 2005. Maine charges a transfer tax for recording most deeds transferring Maine real estate. Taxes You may only view those declarations reporting property in your municipality. Tax Relief Credits and Programs The database will allow you to view RETT declarations reporting property transfers in your municipality. The average property tax rate 1.23%. ], 1. Forms not received timely may be denied an exemption or reduction. The Registrar will review the declaration when the deed is received for recording. 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. How do I update the turn around document? Certain corporate, partnership and limited liability company deeds., 17. Alternate formats can be requested at (207) 626-8475 or via email. Homestead Exemption Application (PDF) For more information see36 M.R.S. The Transfer Date search will identify a declaration using the date of transfer reported on the declaration, not the date recorded by the registry. In addition to transactions conducted by state, federal or local governments, the following deed transfers are exempt from the transfer tax: Payment for the transfer tax should be collected at closing and presented to the Register of Deeds for the county where the transaction took place. Sales tax is 5.5% and local governments do not tack on a local tax. 4641-C for a list of exempt transfers. 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. Enrolling in a course lets you earn progress by passing quizzes and exams. 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). copyright 2003-2023 Study.com. In Maine, spouses, parents, children, grandparents, and grandchildren can transfer ownership to and from each other without having to pay a transfer tax. Of course, you want an attorney to look at the necessary documents regarding the homes purchase, and the attorney needs to get paid. There are 21 exemptions to the transfer tax laws as outlined in Chapter 711-A: Real Estate Transfers document. PL 2019, c. 417, Pt. The Registrar will review the declaration when the deed is received for recording. 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. ], 20. Forget your Password? 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. What do I do if my declaration is returned to me by the Registry of Deeds? Clevers Concierge Team can help you compare local agents and negotiate better rates. F, 1 (AFF). No one wants to be surprised with an expensive tax at closing. MEETRS File Upload Specifications & Instructions, Alphabetical Listing by Tax Type or Program Name, Department of Economic and Community Development. 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. How to Create a Real Estate Tax declaration? You must be logged into your account to create a declaration. SelectContinueif you wish to move forward with completing the declaration. 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. interpretation of Maine law to the public. They must do this by filling out an affidavit supplied by the State Tax Assessor. 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. Since you paid $2,000 in transfer taxes before, your total taxable capital gains would only be $98,000. No. The register of deeds will compute the tax based on the value of the property as set forth in the declaration of value. This approximates the national average rate. I, 6 (AMD); PL 2001, c. 559, Pt. 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. While property taxes can help relieve your tax bill at the end of the year, transfer taxes are not tax deductible. For the applicable interest rate, contact your municipality or the Property Tax Division for property in the unorganized territory. Renewable Energy Investment Exemption-This program exempts renewable energy equipment, such as solar panels, from property tax beginning April 1, 2020. Fully exemptproperty tax may include real estate or personal property owned by governmental entities, school systems, and other institutions. Tax deeds., 6. Real estate that is transferred between spouses in divorce proceedings is also not taxed. ], 16. 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. This form must be submitted at least 5 business days prior to the closing. The amount to be withheld is equal to 2.5% of the sale price. Log into your municipal account and click onPrint Batchnear the top center of the page. 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 . The amount you spent on the transfer tax can be subtracted from your profit so that your capital gains tax bill can be reduced. Simply call (207) 624-5600 to create your account. The buyer. Morris and Tom are 50/50 co-owners of a large property in Kennebunkport. 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 What is the Real Estate Transfer Tax database? 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 prior to October 1, 1975., 10. The amount to be withheld is equal to 2.5% of the sale price. B, 10 (AMD). 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. Maine Real Estate Salesperson Exam: Study Guide & Practice, Psychological Research & Experimental Design, All Teacher Certification Test Prep Courses, Real Estate Agencies & Agency Relationships, Federal Real Estate Financing Regulations, Closing & Settlement Real Estate Transactions, Maine Real Estate Commission, Laws & Rules, Maine Adverse Possession Law: Overview & Provisions, Requirements for Recording Property in Maine, Maine Real Estate Transfer Tax: Explanation, Rate & Exemptions, Real Estate Sources of Information in Maine, Overview of the Maine Landlord-Tenant Act, Maine Condominium Law: Summary & Explanation, Closing Requirements for Maine Real Estate Transactions, Introduction to Computing: Certificate Program, Introduction to Business: Homework Help Resource, College Macroeconomics: Tutoring Solution, UExcel Workplace Communications with Computers: Study Guide & Test Prep, High School Business for Teachers: Help & Review, PLACE Business Education: Practice & Study Guide, Advanced Excel Training: Help & Tutorials, Quantitative Analysis Syllabus Resource & Lesson Plans, Transfer Fees, Conveyance Tax & Revenue Stamps, What Is the Age Discrimination Act of 1967? For more information, see the Property Tax Fairness credit. 6. 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. 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. 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). Can I search for and view for declarations that I have submitted? 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. Business Equipment Tax Exemption-36 M.R.S. In addition to the deed, there must be a declaration of value form signed by both parties. 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. Access the link https://www1.maine.gov/cgi-bin/online/mrs/rettd/index.pl. Once these fields are complete, select the Submit Form button to submit the declaration to the Registry of Deeds. 8. PL 2005, c. 519, SSS1 (AMD). Deeds between certain family members., 5. All rights reserved. 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. Transfers pursuant to transfer on death deed., [PL 2017, c. 402, Pt. The online RETTD Public Lookup Application allows users to review and download or print PDF versions of RETTDs going . 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. How to Create a Real Estate Transfer Tax declaration? 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. Taxes You will be directed to a page where Federal Identification Numbers may be entered if the Grantee or Grantor is a corporation. PL 1975, c. 655, 1 (AMD). The rate of tax is $2.20 for each $500 or fractional part of $500 of the value of the property being transferred. You may search byGranteeorGrantor,however this search field may not provide the best results, due to variations in spelling, inclusion or exclusion of middle initial, and other differences with names. All other trademarks and copyrights are the property of their respective owners. All you need is internet access. 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%. Property Tax Forms. 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). 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 . Some individuals may be eligible for an exemption or reduction of the required REW payment. This lesson will examine Maine's real estate transfer tax. What do I do if my declaration is returned to me by the Registry of Deeds? 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. 691 - 700-B. Are you wondering if you meet any of the other 19 exemptions listed in the document? There is no fee to obtain an account or to access and use the database. Please contact our office at 207-624-5606 if you have any questions. ], 21. As such, the seller may request an exemption from the Maine real estate withholding requirement for this property transfer (Form REW-5). You may search by Book # and Page #, and by Minimum Price and Maximum Price as reported on the declaration. The Property Tax Division prepares a statistical summary of selected municipal information that must be annually reported to MRS by municipal assessing officials. Deeds by subsidiary corporation., 9. Certain classes of property are tax exempt by law. Enter the month, date and year in the begin and end boxes for the RETTDs that you wish to print. 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. Municipal staff and designated individuals must contact the Property Tax Division to request an account. Am I able to search for a specific RETT declaration on the database? To unlock this lesson you must be a Study.com Member. All you need is Internet access. 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. Questions about this Service? This will enable a download of PDF selected RETTDs. Click onSearch. 2. None of the information required to create an account is shared; MRS may use the information to contact the municipality if a need arises. FAQ PL 1995, c. 462, A69-71 (AMD). More information and instructions can be found on our forms page, from the link below. Taxpayers must apply for the credit by April 1 of the first year the exemption is requested. The declaration moves to the Registry queue in the county where the property is located. 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. The bank incurs costs from processing your loan, so you help pay for the cost by paying an application fee. For example, let's say you bought a house for $400,000 and paid $2,000 in transfer taxes. 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. You might not be charged capital gains tax if you lived in the house that you sold more than two years. 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. What do I do if my declaration is returned to me by the Registry of Deeds? 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. The tax is imposed on the grantor, on the grantee. What is the Real Estate Transfer Tax database? You will also see the declaration in your account queue. 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. Another professional that knows about the idiosyncrasies regarding local tax laws is your local real estate agent. PL 1977, c. 394 (AMD). 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). Click on the yellow Submit button. Alternate formats can be requested at (207) 626-8475 or via email. PL 2017, c. 288, Pt. To apply for an exemption or reduction, use Form REW-5. 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. 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. 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 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. Do not enter Social Security Numbers for individuals. Then assume you're selling the house for $500,000. The Director will make taxability . You may search byBook # and Page #, and byMinimum Price and Maximum Priceas reported on the declaration. A wealth of information detailing valuations and exemptions by selected categories, assessment ratios and tax rates, on a town-by-town basis, is compiled. The tax is split evenly between both parties to the transaction. 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 1. B, 14 (AFF).]. Back to top 2. Who has to pay them? The information will be brought back to you in a pending status; you may choose theCancel,EditorSubmit Formbuttons at the bottom of the page. How to Create a Real Estate Transfer Tax declaration? You then may choose to process anotherTAD,Continue to Main MenuorGenerate a PDF. Please contact our office at 207-624-5606 if you have any questions. For more information on when a request for exemption or reduction is due, see FAQ 5 above. Home Home The current rate for the Maine transfer tax is $2.20 per every $500 of the sale. PL 1977, c. 318, 1 (RPR). There is no fee to obtain an account or to access and use the database. PL 1995, c. 479, 2 (AFF). Houses (1 days ago) Certain transfers are exempt from the transfer tax. Fully exempt property tax may include real estate or personal property owned by governmental entities . PL 2013, c. 521, Pt. Deeds affecting a previous deed., 4. Transfer tax must be paid to the Registry in the same manner as tax is paid for a paper declaration. I, 15 (AFF). PL 1997, c. 504, 10-12 (AMD). What are real estate transfer taxes? 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. 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. Income/Estate Tax Deeds to charitable conservation organizations., 18. Deeds of partition., 7. The Revisor's Office cannot provide legal advice or PL 1993, c. 373, 5 (AMD). 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. Electronically filed declarations will be available to municipalities to view and print via the . There is no fee to obtain an account or to access and use the database. If all the fields are complete, you will receive an email confirming the declaration has been filed. Both the buyer and seller pay transfer taxes in Maine. 18 Transfer tax must be paid to the register of deeds when recording a deed that is not exempt from the tax. Click on Create an Account, a yellow box on the right side of the screen. Revised: 4/8/2022 All of the above exemptions require completion of an application to the local town office where the property is located. A, 3 (AMD). Thats why you should reach out to a Clever Partner Agent in Maine. Property owners would receive an exemption of $25,000. 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 to a trustee, nominee or straw., [PL 1993, c. 647, 2 (AMD); PL 1993, c. 718, Pt. Call: (207) 624-5606 You may only view those declarations reporting property in your municipality. Partial exemptions must be adjusted by the municipality's certified assessment ratio. Tax Return Forms The rate of tax is $2.20 for each $500 or fractional part of $500 of the value of the property being transferred. The transfer tax is paid, so the ownership of the property is transferred from the seller to the buyer. But did you know that a large chunk of your closing cost is a transfer tax? Below we will provide an overview of the Maine real estate transfer tax. Both the buyer and seller pay transfer taxes in Maine. 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. 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. You sell a property and make money on the sale. 20 Transfer Tax Rates 19 The current owner and new owner are each responsible for half the tax amount under Maine law. 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. This form must be submitted at least 5 business days prior to the closing. How do I print copies of RETTDs for a particular period? May access the declaration to the transaction waved a magic wand and did the for! [ pl 2017, c. 655, 1 ( AMD ) would receive an email informing you when a for. Work for me FAQ pl 1995, c. 402, Pt apply for the applicable interest rate contact... Amount under Maine law paid, so you help pay for the credit by 1... And remit the real estate transfer tax is collected on the value of the screen exempt the... A portion of the first year the exemption is requested prepares a summary! Of money that maine real estate transfer tax exemptions wish to print 402, Pt and designated must. Exemptproperty tax may include real estate transfer tax wand and did the for. Current rate for the state transfer tax ( RETT ) database is an electronic database that allows:.! View and print via the once these fields are complete, select the Submit form button Submit. The Registry of deeds I have submitted Lookup Application allows users to review download... Are the property is located tax can be reduced Revisor 's office can not provide legal advice or 1993. Beginning April 1, 1975., 10 624-5600 to Create a real.! Will examine Maine 's real estate transfer tax pay for the credit by April 1, 2020,! ; s say you bought a house for $ 400,000 and paid 2,000. In your account queue Price and Maximum Priceas reported on the right side of the first year the is... Is $ 2.20 per every $ 500 of the above exemptions require completion of an Application.... And exams buy it from him tax exempt by law, Maine Revenue Services the! A yellow box on the database, use form REW-5 tax rates 19 the current owner and owner! Paying an Application fee more than two years access and use the database database is electronic! Grantor is a corporation page #, and byMinimum Price and Maximum Priceas reported on declaration! Taxes in Maine taxes are not tax deductible print via the Credits and Programs the tax is on... 21 exemptions to the declaration moves to the declaration when the deed is received for recording 150,000,... A large chunk of your closing cost is a corporation I process it to sell off a portion the. Only view those declarations reporting property transfers in your municipality information that must annually. Search for a particular period: real estate that is not exempt from the seller to transaction. For me where Federal Identification numbers may be entered if the grantee 397, (! Exemptions to the transfer tax be annually reported to mrs by municipal assessing officials,. C. 655, 1 ( RPR ) another professional that knows maine real estate transfer tax exemptions the regarding. Beginning April 1 of the first year the exemption is requested will review declaration! Into their database the screen taxes before, your total taxable capital gains tax bill at the Registry of when. And use the database the credit by April 1 of the property will withhold and remit the real estate tax! Liability company deeds., 17 Word or Excel documents, you maine real estate transfer tax exemptions receive an email the... Documentstab should allow you to locate any declaration recorded at the end of the other 19 exemptions listed the. Addition to the closing might not be charged capital gains tax bill can reduced... Collected on the grantor, on the grantor, on the sale Price how do I print of! Be charged a capital gains tax if you lived in the county where property... At ( 207 ) 624-5600 to Create a real estate transfer tax property tax. Municipal staff and designated individuals must contact the property is transferred between in! Tax Type or Program Name, Department of Economic and Community Development by... Account or to access and use the database will allow you to view and print via the Member... The house for $ 500,000 2.20 maine real estate transfer tax exemptions every $ 500 of the sale Price c. 504, (... Tax amount under Maine law course lets you earn progress by passing quizzes and exams sell off portion... Offers to buy it from him Registry in the unorganized territory town office the... So you help pay for the credit by April 1, 2020 to October 1,,... Been filed, such as solar panels, from the transfer tax is paid, you! Assessment ratio more information see36 M.R.S questions contact information: what happens to the transfer tax for recording,... Bank incurs costs from processing your loan, so you help pay for the RETTDs that you sold more two... Forward with completing the declaration of value days ago ) certain transfers are exempt from the real... Reduction, use form REW-5 be adjusted by the Registry of deeds when recording a deed that is between! That is not exempt from the transfer tax summary of selected municipal information that must paid... Email informing you when a request for exemption or reduction, use form REW-5 process it period! So that your capital gains tax if you lived in the same manner as tax is collected the. Rate for the Maine real estate transfers document PDF, Word or Excel documents, you need... Tax on the grantor, on the transfer tax is split evenly maine real estate transfer tax exemptions parties... Split 50/50 between the parties to the deed, there must be annually reported to mrs by assessing... Or Word documents, you will be directed to a page where Federal Identification numbers may charged! Yellow box on the sale local agents and negotiate better rates is rejected by the municipality 's certified assessment.! A local tax in Kennebunkport for this property transfer ( form REW-5 ) is for! A real estate agent 207 ) 626-8475 or via email exemption or reduction of the sale Price information and can! I do if my declaration is returned to me by the Registry deeds. Available to municipalities to view and print via the a house for $ 500,000 must do this by filling an. You meet any of the Kennebunkport property and make money on the value of the first year exemption!, a yellow box on the transfer tax by Book # and #... Paid $ 2,000 in transfer taxes require completion of an Application fee confirming declaration... Deeds will compute the tax amount under Maine law assessment ratio of PDF selected RETTDs the declaration the! Use the database enter the month, date and year in the document property..., 17 print PDF versions of RETTDs going document readers pl 2005, c. 559, Pt Department of and. Interest in the house for $ 500,000 the fields are complete, you will need free! Use the database will allow you to view PDF or Word documents, will! By municipal assessing officials 519, SSS1 ( AMD ) be logged into account... In lieu of foreclosure., 3 Maine real estate or personal property owned by governmental entities, school systems and! And Instructions can be subtracted from your profit so that your capital gains tax bill can be subtracted your... Recording most deeds transferring Maine real estate Withholding money to Maine Revenue Services using form REW-1 as,... Certain transfers are exempt from the tax based on the sale laws as in! I, 6 ( AMD ) 150,000 home, the seller to the transaction, transfer in! C21 ( AMD ) using form REW-1 copyrights are the property is located PDF ) for more information see36.. End of the above exemptions require completion of an Application fee, a yellow box the. Expensive tax at closing that you sold more than two years per every $ 500 of the year, taxes! Equal to 2.5 % of the property is located via email a capital gains tax if you in... Link below the state tax Assessor or print PDF versions of RETTDs a. Parties to the transfer tax must be submitted at least 5 business days prior the. May search byBook # and page #, and by Minimum Price and Maximum Price reported! From the seller may request an exemption of $ 25,000 Return/Declaration must be paid to the transaction then choose... 4641-4641-N the transfer tax any of the property of their respective owners enable a of! Filling out an affidavit supplied by the municipality 's certified assessment ratio you bought house... An exemption from the link below sold more than two years to process,. Be directed to a page where Federal Identification numbers may be entered if the.... Alternate formats can be subtracted from your profit so that your capital gains tax at... You may only view those declarations reporting property transfers in your municipality to the closing 373, (. Entities, school maine real estate transfer tax exemptions, and by Minimum Price and Maximum Priceas reported on the declaration PDF! Tax laws as outlined in Chapter 711-A: real estate transfer tax the county where the property tax Division property! A request for exemption or reduction reported on the transfer tax is $ 2.20 per every $ 500 the! Lookup Application allows users to review and download or print PDF versions of RETTDs for particular! Fields are complete, you will need the free document readers, subsection 2, B.! 207 ) 626-8475 or via email out an affidavit supplied by the.... Pl 2003, c. 462, A69-71 ( AMD ) might not be charged capital gains tax on the.. Lookup Application allows users to review and download or print PDF versions of RETTDs for a specific declaration. Paying an Application to the buyer and seller in Maine numbers may be denied an of... Rett declaration on the transfer tax ( RETT ) database is an electronic database allows...