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Maine Transfer Tax Update

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It seems the State Taxation Committee has not gotten the message that an exorbitant increase of as much as 300-450% of the Maine real estate transfer tax from the current rate of $4.40 per $1000 of sales price is a bad idea.  Yes it may bring as much as 55 million more in revenue to the state but at what cost?  Perhaps a small rise is necessary but to go from 4.40 to 12.50 and have an even larger price increase to $20/$1000 for homes over $500,000.  If you are thinking of buying property in Maine, here is a link to all the various legislators to write and urge them not to support the measure. http://janus.state.me.us/house/townlist.htm

 

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