The Maine Real Estate Transfer Tax Declaration form, commonly referred to as Form RETTD, is a document required when transferring real estate ownership in Maine. This form must be filed with the county Registry of Deeds alongside the deed, ensuring that the appropriate transfer tax is collected based on the property's value. Understanding how to accurately complete this form is essential for both buyers and sellers to comply with state regulations.
The Maine Real Estate Transfer Tax Declaration Form, commonly referred to as Form RETTD, is a critical document that facilitates the transfer of property ownership while ensuring compliance with state tax regulations. This form must be submitted to the county Registry of Deeds at the time the accompanying deed is recorded. It collects essential information about the transaction, including the identities of the buyer (grantee/purchaser) and seller (grantor), their respective federal identification numbers, and the property’s physical location. The form also requires details about the property type and its assessed value, which is crucial for calculating the transfer tax. The tax rate is set at $2.20 for every $500 of the property’s value, equally divided between the buyer and seller. Additionally, the form addresses exemptions from the transfer tax, special circumstances that may affect the sale price, and the potential for income tax withholding for nonresident sellers. Accurate completion of the RETTD is vital, as it includes a declaration under penalty of perjury, affirming the truthfulness of the information provided. Understanding the nuances of this form can help facilitate smoother real estate transactions in Maine.
MAINE REAL ESTATE
00
TRANSFER TAX DECLARATION
Form RETTD
*18RETTD*
Do not use red ink.
1.County
2.Municipality
3.GRANTEE/PURCHASER
3a. Last name, fi rst name, MI; or business name
3c. Last name, fi rst name, MI; or business name
3e. Mailing address after purchasing this property
3f. Municipality
BOOK/PAGE - REGISTRY USE ONLY
3b. Federal ID
3d. Federal ID
3g. State 3h. ZIP Code
4. GRANTOR/SELLER
4a. Last name, fi rst name, MI; or business name
4b.
Federal ID
4c. Last name, fi rst name, MI; or Business name
4d.
4e. Mailing address
4f. Municipality
4g.
State 4h. ZIP Code
5. PROPERTY 5a. Map
Block
Lot
Sub-lot
Check any that apply
No maps exist
Multiple parcels
5c. Physical location
Portion of parcel
Not applicable
5b. Type of property - enter the code number that best describes the prop- erty being sold (see instructions).
5d. Acreage (see instructions)
.
6. TRANSFER TAX
6a.
Purchase price (If the transfer is a gift, enter “0”)
.00
6b.
Fair market value (Enter a value only if you entered “0” or a nominal value on line 6a)
6c. Exemption claim - Check the box if either grantor or grantee is claiming exemption from transfer tax and enter explanation below.
7. DATE OF TRANSFER (MM-DD-YYYY)
8. CLASSIFIED. WARNING TO BUYER - If the property is classifi ed as farmland,
open space, tree growth, or working waterfront, a substantial fi nancial penalty may
CLASSIFIED
be triggered by development, subdivision, partition, or change in use.
9.SPECIAL CIRCUMSTANCES. Were there any special circumstances with
the transfer that suggest the price paid was either more or less than its fair market value? If yes, check the box and enter explanation below.
10.INCOME TAX WITHHELD. The buyer is not required to withhold Maine income tax because:
Seller has qualified as a Maine resident
A waiver has been received from the State Tax Assessor
Consideration for the property is less than $100,000 The transfer is a foreclosure sale
11.DECLARATION(S) UNDER THE PENALTIES OF PERJURY. I declare that I have examined this return/report/document and (if applicable) accompanying schedules and statements and to the best of my knowledge and belief they are true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
PREPARER. Name of preparer: _____________________________________ Phone number:
__________________________________________
Mailing address: ______________________________________________ Email address: ___________________________________________
______________________________________________ Fax number:_____________________________________________
Rev. 11/21
Real Estate Transfer Tax Declaration
Instructions
The Real Estate Transfer Tax Declaration (Form RETTD) must be fi led with the county Registry of Deeds when the accompanying deed is recorded. The Registry of Deeds will collect a tax based on the value of the transferred property. The tax is equals $2.20 for each $500 of value and is imposed half on the purchaser and half on the seller. If the transferred property is in more than one municipality or if there are more than two sellers or buyers, a Supplemental Form must be completed. For more information, visit www.maine.gov/ revenue/propertytax/transfertax/transfertax.htm or contact the Property Tax Division at 207-624-5606.
Line 1. County. Enter the name of the county where the property is lo- cated. If the property is in more than one county, complete separate Forms
RETTD.
Line 2. Municipality. Enter the name of the municipality where the prop- erty is located. If the transferred property is located in more than one mu- nicipality, complete a Supplemental Form.
Line 3. Grantee/Purchaser. a) & c): Enter one name on each available line, beginning with last name fi rst. If more than two purchasers, complete a Supplemental Form. b) & d): If a business entity is entered on a) or c), enter the entity’s federal ID number. Do not enter a social security number. If you do not have a federal ID number, or if the transfer is of unimproved land for less than $25,000 or land with improvements for less than $50,000, you may enter all 0s in this fi eld. e) through h): Enter the mailing address for the buyer after the purchase of this property.
Line 4. Grantor/Seller. a) & c): Enter one name on each available line, beginning with last name fi rst. If more than two sellers, complete a Supplemental Form. b) & d): If a business entity is entered on a) or c), enter the entity’s federal ID number. Do not enter a social security number If you do not have a federal ID number, or if the transfer is of unimproved land for less than $25,000 or land with improvements for less than $50,000, you may enter all 0s in this fi eld. e) through h): Enter the mailing address for the seller after the purchase of this property.
Line 5. Property. a): Enter the appropriate map-block-lot-sub lot num- ber. If the property has more than one map and lot number, attach a Sup- plemental Form. If the municipality does not have property tax maps, if the property has more than one map and lot or if the transferred property is part of a larger parcel, then check the appropriate box. b): From the list provided below, enter the property type code that best describes the entire transferred property. c): If the municipality does not have prop- erty tax maps, enter the physical location (including street and number) of the property. d): Enter the acreage of the transferred property. If you
don’t know the exact acreage, enter an estimate based on the available information. The acreage recital is for MRS purposes only and it does not constitute a guarantee to the buyer of the acreage being conveyed. EXCEPTION: If the transferred property is a gift, you do not need to complete lines b) and d).
Line 6. Transfer tax. a): Enter the actual sale price or “0” if the transfer
is a gift. b): If you entered 0 or a sale price that is considered nominal on line a), enter the fair market value of the property on this line. The fair market value is based on the estimated price a property will bring in the open market and under prevailing market conditions in a sale between a willing buyer and a willing seller and must reflect the value at the time of the transfer. c): If either party is claiming an exemption from the transfer tax, check this box and enter an explanation of the reason for the claim. See 36 M.R.S. § 4641-C for a list of exemptions.
Line 7. Date of transfer. Enter the date of the property transfer, which refl ects when the ownership or title to the real property is delivered to the purchaser. This date may not be the same as the recording date.
Line 8. Classified. Check the box if the property is enrolled in one of the current use programs. Current use programs are tree growth, farm and open space, and working waterfront.
Line 9. Special circumstances. If the sale of the property was either substantially more or less than the fair market value, check this box and enter an explanation of the circumstances.
Line 10. Income tax withheld. Nonresident sellers are subject to real estate withholding under 36 M.R.S. § 5250-A. If you have any questions, please contact the Income Tax Division at 207-626-8473.
Line 11. Declaration(s) under penalty of perjury. Please provide the name, mailing address, phone number, and email address of the person or company preparing this form if diff erent from the parties of the transaction.
PROPERTY TYPE CODES
VACANT LAND
COMMERCIAL
INDUSTRIAL
RESIDENTIAL
MISC CODES
Rural
101
Mixed use
301
Gas and oil
401
201
Government
501
Urban
102
5+ unit apt.
303
Utility
402
202
Condominium
502
Oceanfront
103
Bank
304
Gravel pit
403
203
Timeshare unit
503
Lake/pond front
104
Restaurant
305
Lumber/saw mill
404
204
Nonprofi t
504
Stream/riverfront
105
Medical
306
Pulp/paper mill
405
205
Mobile home park
505
Agricultural
106
Office
307
Light manufacture
406
Mobile home
206
Airport
506
Commercial zone 107
Retail
308
Heavy manufacture
407
2-4-unit apt.
207
Conservation
507
Other
120
Automotive
309
420
220
Current use
Marina
310
classifi cation
508
Warehouse
311
520
Hotel/motel/inn
312
Nursing home
313
Shopping mall
314
320
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