The Real Estate Transfer Tax (RETT) database is an electronic database that allows: Users to create and electronically file RETT declarations; Registries to process RETT declarations; MRS to approve RETT declarations; and Municipalities to view and print RETT declarations and to update data for the annual turn around document. Controlling Interest- A separate Return/Declaration must be filed for each transfer of a controlling interest in the county where real property is located. Our office is also staffed to administer and oversee the property tax administration in the unorganized territory. Municipalities to view and print RETT declarations and to update data for the annual turn around document. 36 M.R.S. Is there a fee to use the RETT database? C, 106 (AMD). MRS does not guarantee the accuracy of calculations in fillable PDF forms; Check all numbers. News Releases. There are 21 exemptions to the transfer tax laws as outlined in Chapter 711-A: Real Estate Transfers document. If a conveyance is exempt, the exemption must be clearly stated on the face of the deed. PL 2005, c. 397, C22 (AFF). Below we will provide an overview of the Maine real estate transfer tax. 20 Transfer Tax Rates You may also search by theDLN(document locator number); this unique number is displayed on the database and on the printed copy currently mailed to the municipality. Since this tax is highly regional, it is essential that both buyers and sellers work with an experienced real estate agent, so both parties understand their financial responsibility regarding this expense. You may be charged a capital gains tax on the amount of money that you made. Electronically filed declarations will be available to municipalities to view and print via the database in 3-5 days from date of filing with the registry. You may search byBook # and Page #, and byMinimum Price and Maximum Priceas reported on the declaration. The Originator has 4 options once the RETT is processed: You may search for declarations you prepared by the DLN number, You may search for declarations you prepared by a particular county or all counties, You may search for declarations you prepared by municipality, You may search for declarations you prepared by street address, You may search for declarations you prepared by last updated date, You may search for declarations you prepared by a number of different status provided on a drop down menu, When you have identified the declaration you wish to view, click on the DLN number to view the data and you may then select the yellow. Tax Relief Credits and Programs In addition to government transfers, the following deed conveyances and ownership stake transfers are exempt from the Maine real estate transfer tax: Contrary to popular belief, a deed is not officially transferred between two parties when the transaction closes. Taxpayers must apply for the credit by April 1 of the first year the exemption is requested. The rate of tax is $2.20 for each $500 or fractional part of $500 of the value of the property being transferred. Property Tax PL 2005, c. 519, SSS1 (AMD). 6. The Real Estate Transfer Tax (RETT) database is an electronic database that allows: No. How do I print copies of RETTDs for a particular period? Users to create and electronically file RETT declarations; Municipalities to view and print RETT declarations and to update data for the annual turn around document. ], 8. ], 16. To view PDF, Word or Excel documents, you will need the free document readers. Am I able to search for a specific RETT declaration on the database? Transfer Station & Bulky Waste; Taxes/Assessing. Paraplegic Veteran- A veteran who received a federal grant for a specially adapted housing unit may receive $50,000. to a transfer of title from one organization exempt from federal taxation under section 501 of the united states internal revenue code of 1986, as amended, to another organization which is also exempt from federal taxation under section 501, when both the transfer organization and the transferee organization are created by or result from the Your will have the option to Resubmit the declaration with the required information or Delete it. This rate is split evenly between the seller and the purchaser. This form must be submitted at least 5 business days prior to the closing. A wealth of information detailing valuations and exemptions by selected categories, assessment ratios and tax rates, on a town-by-town basis, is compiled. State, local and federal government agencies that are receiving or conveying a deed to a property are not required to pay the real estate transfer tax. SelectCancelif you wish to not save what you have entered; All you need is Internet access. Deeds prior to October 1, 1975., 10. Transfer Tax Maine Revenue Services. Real Estate Transfer Tax Database (for municipalities) FAQ. (If the Delaware county imposes no transfer tax, the state can then impose a tax as high as 3% of the property value.) 15) A real estate entity must be liable and have actually paid corporate franchise taxes under the Business Corporation Act of 1983 as a result of a controlling interest transfer in order to claim the exemption under 35 ILCS 200/31-46. MEETRS File Upload Specifications & Instructions, Alphabetical Listing by Tax Type or Program Name, Real Estate Transfer Tax Database (for municipalities), Real Estate Transfer Tax Database (for originators), Student Loan Repayment Tax Credit (SLRTC). I, 15 (AFF). The information will be brought back to you in a pending status; you may choose theCancel,EditorSubmit Formbuttons at the bottom of the page. After review, the Registrar will either accept the declaration or reject the declaration back to the preparer. The Real Estate Transfer Tax (RETT) database is an electronic database that allows: Users to create and electronically file RETT declarations; Municipalities to view and print RETT declarations and to update data for the annual turn around document. You may only view those declarations reporting property in your municipality. The state of Maine has a real estate transfer tax that is due whenever the deed to real estate is exchanged between two parties for money. PL 2009, c. 361, 26 (AMD). You must be logged into your account to create a declaration. Join Clevers network. Can I search for and view for declarations that I have submitted? PL 2009, c. 361, 37 (AFF). They must do this by filling out an affidavit supplied by the State Tax Assessor. Simply call (207) 624-5600 to create your account. SelectContinueif you wish to move forward with completing the declaration. The Property Tax Division prepares a statistical summary of selected municipal information that must be annually reported to MRS by municipal assessing officials. Deeds to charitable conservation organizations., 18. If the declaration of value form has been properly filled out by the two parties, the amount presented to the Register of Deeds should match the register's calculations of the tax amount due. B, 10 (AMD). LR 820 An Act to Expand the List of Persons Exempt from the Real Estate Transfer Tax LR 836 An Act to Ensure an Incarcerated Individual's Constitutional Right to Have Access to an Attorney LR 1117 An Act to Amend the Laws Regarding Estate Recovery and Planning for Long-term Care LR 1560 An Act Regarding Conservators' Reports and Accounting Once you have located the declaration you wish to view, click on the DLN# to view the data; you may generate a PDF by selecting the Generate a PDF button. Property Tax Relief Programs Once you call the Property Tax Division and provide the necessary information, you will receive an email with a link to the database. Deeds of distribution., [PL 2017, c. 402, Pt. The declaration moves to the Registry queue in the county where the property is located. TheTransfer Datesearch will identify a declaration using the date of transfer reported on the declaration, not the date recorded by the registry. The buyer and seller split the tax. Users to create and electronically file RETT declarations; Municipalities to view and print RETT declarations and to update data for the annual turn around document. What is the Real Estate Transfer Tax database? Alternate formats can be requested at (207) 626-8475 or via email. PL 1993, c. 680, A31 (AMD). The online RETTD Public Lookup Application allows users to review and download or print PDF versions of RETTDs going . You will see a list of the RETTDs for that period. ], 1. All you need is internet access. F, 1 (AFF). If all the fields are complete, you will receive an email confirming the declaration has been filed. https://www1.maine.gov/cgi-bin/online/mrs/rettd/index.pl. Call: (207) 624-5606 If you have completed all the required fields select the yellow Submit RETTD button. Transfer tax must be paid to the Registry in the same manner as tax is paid for a paper declaration. Veteran Exemption- A veteran who served during a recognized war period and is 62 years or older; or, is receiving 100% disability as a Veteran; or, became 100% disabled while serving, is eligible for $6,000. Whether you are buying or selling property, your agent will talk you through the process and make sure you understand all the different fees and taxes that you will be charged at closing. PL 1977, c. 318, 1 (RPR). Once these fields are filled, select. You may search by Book # and Page #, and by Minimum Price and Maximum Price as reported on the declaration. Click on the yellow Create a New RETTD button. For a $150,000 home, the buyer and seller in Maine will both pay $330 for the state transfer tax. Partial exemptions must be adjusted by the municipality's certified assessment ratio. The seller. Deeds given pursuant to the United States Bankruptcy Code., 15. Enrolling in a course lets you earn progress by passing quizzes and exams. The following are exempt from the tax imposed by this chapter: Learn about real estate transfer taxes for the state of Maine. You sell a property and make money on the sale. After review, the Registrar will either accept the declaration or reject the declaration back to the preparer. [PL 2001, c. 559, Pt. Alternate formats can be requested at (207) 626-8475 or via email. Deeds of foreclosure and in lieu of foreclosure., 14. Governmental entities., 2. What do I do if my declaration is returned to me by the Registry of Deeds? Enter your zip code to see if Clever has a partner agent in your area. PL 1985, c. 691, 32 (AMD). Forget your Account Number? Homestead Exemption -This program provides a measure of property tax relief for certain individuals that have owned homestead property in Maine for at least 12 months and make the property they occupy on April 1 their permanent residence. While this benefit is based on the property tax paid by veterans, the benefit is administered through the individual income tax. This approximates the national average rate. Certain corporate, partnership and limited liability company deeds., 17. Fully exemptproperty tax may include real estate or personal property owned by governmental entities, school systems, and other institutions. Delaware's transfer tax at the time of this writing is 2.5% of the property's sale price plus a county transfer tax of up to 1.5% - a total of 4%. Property owners would receive an exemption of $25,000. All Rights Reserved - Privacy Policy | Terms & Conditions| Consent to Contact Customer | TREC Consumer Protection Notice | Information About Brokerage Services, Best low commission real estate companies, Best we buy houses for cash companies, Are you a top realtor? Most conveyances of real property in Maine are subject to a Real Estate Transfer Tax, but there are exemptions. 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