Transactions $399,999 and under are taxed at a rate of 1.1% of the purchase price.
Transactions $400,000 and above are taxed at a rate of 1.45% of the purchase price.
Example 1: $300,000 x 1.1% = $3,300
Seller pays $3,300 transfer tax. Buyer pays $3,300 recordation tax. The local government receives a total of $6,600 in transfer & recordation taxes.
Example 2: $500,000 x 1.45% = $7,250
Seller pays $7,250 transfer tax. Buyer pays $7,250 recordation tax. The local government receives a total of $14,500 in transfer & recordation taxes.
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UPDATED 5 JUNE 2020 | INFORMATION RELIABLE BUT NOT GUARANTEED.
Maryland
Transfer tax
State Transfer Tax is 0.5% of purchase price for all counties
State Recordation or Stamp Tax (see chart below)
County Transfer Tax (see chart below)
Taxes are customarily split 50/50 between the buyer and seller.
The chart below shows the total amount of taxes, by county, to be paid at settlement based on the purchase price of the property.
Principal residences are paid semi-annually, and non-principal residences and investment properties are paid annually.
For principal residences:
Taxes due on 9/30 for the period of 7/1 – 12/31
Taxes due on 12/31 for the period of 1/1 – 6/30
For non-principal residences and investment properties:
Taxes due on 9/30 for the period 7/1 – 6/30
UPDATED 5 JUNE 2020 | INFORMATION IS RELIABLE BUT NOT GUARANTEED
Virginia
Transfer tax
Grantor's Tax = $3.00 per $1000 of the sales price
Recording fees (Deeds, Deeds of Trust, etc.)
$33 to record a deed and $66 to record a mortgage, regardless of the number of pages in the documents. This generally results in a total recording charge of approximately $99.
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