Bill > HB1410

This bill modifies the Maryland state transfer tax exemption for first-time home buyers by changing the tax rate from 0.25% to a complete exemption from transfer tax for eligible home purchases. Under the new law, a first-time Maryland home buyer (defined as an individual who has never owned residential real property in the state as a principal residence) will be fully exempt from paying transfer tax when purchasing improved residential real property that will serve as their principal residence. If multiple buyers are involved, the exemption applies only if each buyer is a first-time home buyer or a co-maker/guarantor of the property's mortgage who will not occupy the residence. To qualify for the exemption, each buyer or their agent must provide a signed oath statement confirming their status as a first-time home buyer and their intent to occupy the property as a principal residence. The bill will take effect on July 1, 2025, providing a significant financial benefit to first-time homeowners by eliminating the transfer tax burden and potentially making home ownership more accessible in Maryland.

Budget and Finance

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB1410?ys=2025RS