When buying a home in Maryland for the first time, buyers should be aware of the Maryland Transfer and Recordation Tax. Buyers are responsible for all these taxes that cover the work it takes to transfer and record property titles. It is common for buyers and sellers to split the total tax amount evenly.
The Maryland state transfer tax rate is 0.5% and is applied to various rates depending on the county. If you are purchasing your primary residence for the first time, your transfer tax amount will be discounted to 0.25% upon reviewing qualification documents. Buyers are also commonly subject to statutory exemptions. Several counties vary with exemptions, so reach out to your county to find additional information.
