Maine Tax Form PDF Details

The Maine Tax Form RETTD is an essential document for reporting the transfer of real estate within the state. It serves multiple purposes, including the collection of real estate transfer taxes by the county Registry of Deeds when the accompanying deed is recorded. This form meticulously collects information about the property, the grantor (seller), and the grantee (purchaser), ensuring transparency in the transfer process and compliance with state tax laws. Key sections of the form demand details such as the names and federal IDs of the parties involved, property type, sale price or gift declaration, and the date of the transfer. It also inquires about any special circumstances that might affect the property's sale price or its fair market value. Additionally, the form addresses the potential for income tax withholding for non-resident sellers and emphasizes the importance of accurate declaration under the penalties of perjury. With tax implications based on the value of the transferred property and specific exemptions available under Maine law, accurately completing and filing this form is critical for both buyers and sellers. The form further integrates measures to address properties enrolled in current use programs, which can influence tax liabilities. For anyone involved in real estate transactions within Maine, understanding and properly filling out the Real Estate Transfer Tax Declaration form is indispensable in ensuring legal compliance and the successful recording of property transfers.

QuestionAnswer
Form NameMaine Tax Form
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other namesmaine real estate transfer tax, me transfer tax declaration, maine rettd, maine real estate tax

Form Preview Example

 

 

 

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.

Federal ID

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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”)

6a.

 

 

.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

.00

 

6b.

Fair market value (Enter a value only if you entered “0” or a nominal value on line 6a)

6b.

 

 

 

 

 

 

 

 

 

 

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

Rural

201

Government

501

Urban

102

5+ unit apt.

303

Utility

402

Urban

202

Condominium

502

Oceanfront

103

Bank

304

Gravel pit

403

Oceanfront

203

Timeshare unit

503

Lake/pond front

104

Restaurant

305

Lumber/saw mill

404

Lake/pond front

204

Nonprofi t

504

Stream/riverfront

105

Medical

306

Pulp/paper mill

405

Stream/riverfront

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

Other

420

Other

220

Current use

 

 

 

Marina

310

 

 

 

 

classifi cation

508

 

 

Warehouse

311

 

 

 

 

Other

520

 

 

Hotel/motel/inn

312

 

 

 

 

 

 

 

 

Nursing home

313

 

 

 

 

 

 

 

 

Shopping mall

314

 

 

 

 

 

 

 

 

Other

320

 

 

 

 

 

 

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maine real estate transfer tax form completion process outlined (part 1)

2. Right after the prior array of fields is completed, go on to enter the relevant details in these: PROPERTY, a Map, Block, Lot, Sublot, Check any that apply, c Physical location, No maps exist, Multiple parcels, Portion of parcel, Not applicable, b Type of property enter the code, d Acreage see instructions, TRANSFER TAX, and a Purchase price If the transfer.

Step no. 2 in submitting maine real estate transfer tax form

3. The following section should be quite easy, DECLARATIONS UNDER THE PENALTIES, PREPARER Name of preparer Phone, Mailing address Email address, Fax number, and Rev - all these fields needs to be completed here.

The best way to prepare maine real estate transfer tax form stage 3

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