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HB 1410

State Transfer Tax - Exemption for First-Time Home Buyers - Alterations

2025 Regular Session Introduced by Jason Buckel and 4 co-sponsors

HB 1410 exempts first-time home buyers from Maryland's state transfer tax on residential property purchases, reducing closing costs but creating state revenue loss.

Hearing 2/26 at 1:00 p.m.
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Bill Summary · HB 1410

Legislative bill overview

HB 1410 proposes to exempt first-time home buyers from Maryland's state transfer tax on residential property purchases. The bill would reduce the financial burden on new homeowners at the point of sale by allowing them to avoid this transaction-based tax.

Why is this important

First-time home buyer assistance directly affects housing affordability—a critical concern as property prices and closing costs continue rising. The transfer tax exemption could reduce barriers to homeownership for younger and lower-income buyers, though the fiscal impact on state revenue warrants examination.

Potential points of contention

  • Revenue loss: The state would forgo transfer tax revenue on qualifying transactions, requiring clarification on budget offsets or spending reductions
  • Definition of "first-time buyer": The bill's specific criteria (income limits, prior ownership history, timeframes) will determine program scope and potential loopholes
  • Fairness concerns: Some argue tax exemptions favor individual buyers over other state needs, while others counter that housing affordability justifies targeted relief

Compiled from official sources — confirm details with the bill’s official record.

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