MD HB1410

First-time Maryland home buyers purchasing improved residential property for use as a principal residence would be fully exempt from the State transfer tax under this bill

Current law requires first-time buyers to pay a reduced transfer tax rate of 0.25% (paid by the seller); this bill eliminates the tax entirely for qualifying purchases

"First-time Maryland home buyer" is defined as an individual who has never owned residential real property in the State that served as their principal residence

All grantees on a property must qualify as first-time buyers or be co-makers/guarantors of a purchase money mortgage who will not occupy the residence

Takes effect July 1, 2025