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Maine transfer tax update


As with any legislature compromise I personally believe was found. Here are the proposed changes to the transfer tax that were voted on 11-2 in favor by the taxation committee given that before is was $4.40 per $1000 for all Maine real estate transfers:

.6% or $6 per $1,000 for primary residences $200k or under
.8% or $8 per $1,000 for primary residences $200-400k
1% or $10 per $1,000 for primary residences $400k-1m
1.5% or $15 per $1,000 for any residence $1m or over
And 1% or $10 per $1,000 on all commercial properties and land transfers.

 The belief is that these changes will net an additional 43 million for the state coffers.  Only time will tell if the increase will have a significant impact on slowing the the housing markets in Maine.  

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