5. Deeds of partition., 7. Can I search for and view for declarations that I have submitted? If you are the seller, you can include the transfer tax in the cost basis of the property. PL 2001, c. 559, I15 (AFF). 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. In Maine, spouses, parents, children, grandparents, and grandchildren can transfer ownership to and from each other without having to pay a transfer tax. Important Notice About Property Taxes For Buyers and Sellers of Real Estate (PDF). The rate of tax is $2.20 for each $500 or fractional part of $500 of the value of the property being transferred. If you don't love your Clever partner agent, you can request to meet with another, or shake hands and go a different direction. The Property Tax Division prepares a statistical summary of selected municipal information that must be annually reported to MRS by municipal assessing officials. 20 Transfer Tax Rates See 33 M.R.S. parent to child, grandparent to grandchild or spouse to spouse). PL 2003, c. 344, D26 (AMD). ], 12. 6. PL 2017, c. 402, Pt. Enter your zip code to see if Clever has a partner agent in your area. 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. . Morris and Tom are 50/50 co-owners of a large property in Kennebunkport. What is the Real Estate Transfer Tax database? The information will be brought back to you in a pending status; you may choose theCancel,EditorSubmit Formbuttons at the bottom of the page. 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). 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. If you Delete the document, the registry will not be able to record the deed. We offer this because we're confident you're going to love working with a Clever Partner Agent. What is the Real Estate Transfer Tax database? To apply for an exemption or reduction, use Form REW-5. Clevers Concierge Team can help you compare local agents and find the best expert for your search. Can I search for and view for declarations that I have submitted? If you add transfer taxes to the initial purchase price, your capital gains will be reduced. This form must be submitted at least 5 business days prior to the closing. Title 33, section 476, subsection 2, paragraph B. All rights reserved. 36 M.R.S. 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. Home You will receive an email informing you when a declaration is rejected by the Registry. Property Tax Relief Programs Thats why you should reach out to a Clever Partner Agent in Maine. Certain corporate, partnership and limited liability company deeds., 17. Both the buyer and seller pay transfer taxes in Maine. 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). A unique email address is required for each account. The payment is split 50/50 between the parties to the transaction. PL 1997, c. 504, 10-12 (AMD). 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. The transfer tax is collected on the following two transactions. 6. 36 M.R.S. What is the Real Estate Transfer Tax database? To view PDF, Word or Excel documents, you will need the free document readers. One thing to remember, our agents often sell for a flat fee. In addition to the federal levy, some states charge their own estate taxes with . 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. Click onCreate Reportin the yellow box. Clevers Concierge Team can help you compare local agents and negotiate better rates. ], 21. More information and instructions can be found on our forms page, from the link below. 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. Deeds affecting a previous deed., 4. What are real estate transfer taxes? 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, Real Estate Transfer Tax Database (for municipalities), Real Estate Transfer Tax Database (for originators), Student Loan Repayment Tax Credit (SLRTC). ], 1. What happens to the declaration after I process it? Talk with your agent to see if you could be exempt from this tax. 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. After review, the Registrar will either accept the declaration or reject the declaration back to the preparer. 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. 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. Blind Exemption- An individual who is determined to be legally blind receives $4,000. This lesson will examine Maine's real estate transfer tax. Real Estate- The real estate transfer tax is imposed on each deed by which any real property in this state is transferred. You may also file the annual turn around document using the database. PL 1995, c. 462, A69-71 (AMD). While this benefit is based on the property tax paid by veterans, the benefit is administered through the individual income tax. Once you call the Property Tax Division and provide the necessary information, you will receive an email with a link to the database. 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. 54 The purchaser must transmit the withheld amount to the State Tax Assessor within 30 days. 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. The tax is split evenly between both parties to the transaction. 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. There are 21 exemptions to the transfer tax laws as outlined in Chapter 711-A: Real Estate Transfers document. ], 19. The DLN (document locater number) is a unique number assigned to that declaration. In addition to government. Click onSearch. PL 1985, c. 691, 32 (AMD). 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. There is no fee to obtain an account or to access and use the database. What happens to the declaration after I process it? Sales and Use Tax Sales, Use, and Withholding Tax Payment Options Information PL 1993, c. 373, 5 (AMD). Data for this page extracted on 11/21/2022 16:00:03. Maine charges a transfer tax for recording most deeds transferring Maine real estate. Taxes What do I do if my declaration is returned to me by the Registry of Deeds? Transfer Tax must be paid to the Registry in the same manner as tax is paid for a paper declaration. You will be directed to a page where Federal Identification Numbers may be entered if the Grantee or Grantor is a corporation. PL 1993, c. 680, A31 (AMD). 4641-4641-N The transfer tax is collected on the following two transactions. Deeds executed by public officials., 13. 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. Homestead Exemption Application (PDF) The register of deeds will compute the tax based on the value of the property as set forth in the declaration of value. 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