First-time homebuyers in Maryland exempt from transfer taxes
Is there an advantage of being a first-time homebuyer in Maryland?
The answer is “Yes.” If you are a first-time homebuyer in the State of Maryland, then you are exempt from paying your portion of the State Transfer Tax (.25% of the Sales Price).
Remember that ALL buyers must be first-time homebuyers in order to qualify for this exemption (e.g., if husband owned a Maryland home prior to marriage, and now both husband and wife are purchasing a Maryland property, then the exemption would NOT apply). Federal Title & Escrow Company provides all paperwork for this exemption. For more details, ask your Realtor or contact us.
Read more about real property taxes in Maryland and the DC Metro Area.