A new online service from Maine Revenue Services is expected to streamline the process of filling out property transfer tax declaration forms. MRS has unveiled a new, free online service where titling companies and law offices can file real estate transfer tax declarations, according to a press release. The new service is available to originators […]
A new online service from Maine Revenue Services is expected to streamline the process of filling out property transfer tax declaration forms.
MRS has unveiled a new, free online service where titling companies and law offices can file real estate transfer tax declarations, according to a press release. The new service is available to originators and providers required to file a tax transfer declaration, county registries of deeds and municipalities. The service replaces the traditional paper form required for a real estate sale, greatly speeding up the turnaround time, says Laurie Thomas, tax section manager at MRS. Currently, registries send property transfer tax paper forms to MRS once a month, and it can take up to six to 10 weeks for municipalities to receive the information, which they need to show change of property ownership. The online service completes the process in three to four days. The online form also accommodates additional information, such as multiple buyers and sellers, and ensures that originators provide required information and that it's legible.
The online service will also save MRS money, since it will no longer have to spend time or resources to image the documents, print copies and mail them to municipalities, Thomas says, though she wasn't sure how much money the switch would trim. The fast turnaround means records for both municipalities and MRS, which uses the tax forms for its annual state valuation, are current and accurate.
A second phase of the program to be unveiled at a later date will create an online, searchable database of all property sales in which a transfer tax was processed. The database will be available to anyone, likely for a fee, though a few searches may be free, Thomas says. The database will show property sale trends as well as targeted information about specific municipalities.