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

HB 1410 exempts first-time homebuyers in Maryland from the state transfer tax when purchasing improved residential property to occupy as their primary residence. It directly affects individuals who have never owned residential property in Maryland that served as their principal residence, requiring them (or their agent) to submit a signed statement confirming eligibility. The bill repeals existing tax exemption language and replaces it with new provisions in Section 13-207(d), clarifying that the tax exemption applies to qualifying transactions and specifying the required sworn statements. The law takes effect July 1, 2025.