Another tax hike – Real Estate Transfer Tax Hike…

Another tax hike – Real Estate Transfer Tax Hike…

May 24, 2007 Posted by Maine Heritage Policy Center - No Comments

This just in from the Maine Association of Realtors…
The Taxation Committee of the Maine Legislature is considering increasing the real estate transfer tax (a tax paid at the time a property sells) from $4.40 per $1,000 to $12.50 per $1,000 (for properties under $500,000) and $20 per $1,000 (for properties $500,000 or higher). They claim this is “tax fairness” and that you as a real estate seller in Maine should have the obligation to solve the property tax crisis and other financial burdens in Maine when your home sells.
The Maine Association of REALTORS believes this is YOUR money and legislators need to keep their hands out of your home. We’re also concerned that buyers will not be able to afford their additional taxes and it will further slow down the number of buyers willing to buy in Maine. Additional information about the proposal can be found at http://www.maineshakedown.com.