State Transfer Tax - Rates and Distribution of Revenue

HB 342 adjusts Maryland's property transfer tax rates based on sale price and property type. It increases rates for residential properties (e.g., 0.25% for under $300,000 up to 1.5% for over $3 million) and non-residential properties (e.g., 0.5% for under $5 million up to 1.5% for over $40 million). The bill creates a special 0.25% tax rate for first-time homebuyers who will occupy the property as their primary residence, with the seller required to pay the entire tax. This directly affects home sellers, buyers, and real estate transactions involving properties over $300,000.