Mortgage tax in purchase



Answers
Answer #1

Hello and thanks for your question. Taxes on the purchase of a new home depend on where the property is located. Most likely there will be state, county and possibly city taxes due on the purchase of property. Where is the home located? You can also find this information out by contacting the Title Attorney associated with the settlement and/or your Realtor.

Skip Kittleson
TD Bank
NMLS# 658891
301-801-6709
skip.kittleson@td.com

Answers Answered By: Skip Kittleson Level Ratingpoints
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Answer #2

Yes as Skip said we need to know the county and state where you wish to purchase the property. if you have a lender and a title company they should give you a prelim HUD-1 with the tax numbers and settlement costs. Hope this is helpful let us know if you need more info.

Thanks,

Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407

Answers Answered By: Brent Mendelson Level Rating133points
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Answer #3

If Montgomery County, Maryland

1% Montgomery County Transfer Tax
.5% State Transfer Tax
.69% State Recordation Tax, but first 30k is exempt if owner occupied

On a $300,000 sales price with the Buyer and Seller splitting these costs 50/50… the Buyer’s side looks like;

$1,500 Montgomery County Transfer Tax
$750 State Transfer Tax ($0 if first time home buyer in MD)
$862.50 State Recordation Tax

Answers Answered By: choicefinance.net Level Rating148points

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