Maryland Transfer and Recordation Tax

Maryland Transfer and Recordation Tax
Maryland Transfer and Recordation Tax

Maryland Transfer and Recordation Tax Per County.  When buying or selling real estate, the various jurisdictions throughout Maryland charge specific tax rates for the transfer of real property and fees for recording the transfer. You can expect to pay these fees at settlement, and they will typically be included by your title attorney on your HUD-1 sheet.  You can contact us and we will be happy to discuss all settlement costs with you https://www.edgingtonmanagement.com/contact-a-property-manager-now.  In residential purchases, these are typically split between the buyer and seller, though certain exemptions exist for first-time homebuyers. For commercial property, the split of these taxes is open to negotiation.

Maryland Transfer and Recordation Tax

Allegany County – 1.7% of purchase price
Anne Arundel County – 2.2% of purchase price
Baltimore City – 3.0% of purchase price
Baltimore County – 2.5% of purchase price
Calvert County – 1.5% of purchase price
Caroline County – 2.0% of purchase price
Carroll County – 1.5% of purchase price
Cecil County – 2.32% of purchase price
Charles County – 1.5% of purchase price
Dorchester – 2.25% of purchase price
Frederick County – 1.7% of purchase price
Garrett County – 2.2% of purchase price
Harford County – 2.16% of purchase price
Howard County – 2.0% of purchase price
Kent County – 1.66% of purchase price
Montgomery County – 2.19% of purchase price
Prince George’s County – 2.4% of purchase price
Queen Anne’s County – 1.99% of purchase price
Saint Mary’s County – 2.3% of purchase price
Somerset County – 1.6% of purchase price
Talbot County – 2.7% of purchase price
Washington County – 1.76% of purchase price
Wicomico County – 1.2% of purchase price
Worcester County – 1.66% of purchase price

Example:  You want to buy or sell a home in Howard County for $500,000

Howard County has a 2.0% Transfer and Recordation tax.  2% of 500k = $10,000 split equally between buyer and seller.

-As the Seller you will pay $5,000 in transfer and recordation taxes.
-As the Buyer you will pay $5,000 in transfer and recordation taxes, unless you are a first time homebuyer, at which point the local government will waive a portion of your taxes.  Ask your Manager/Agent about the advantages of being a first time homebuyer.  Ask your lender/manager/agent about the advantages or potential grants for first time homebuyers.

Note:  The default is that the buyer’s and seller’s will split transfer and recordation taxes equally.  Confirm with your manager/agent that the taxes are being split equally for all real estate transactions.  You can find us on facebook https://www.facebook.com/edgingtonmanagement/.