An Act To Impose a Real Estate Transfer Tax Based on the Value of the Property
Sec. 1. 36 MRSA §4641-A, sub-§1, as enacted by PL 2001, c. 559, Pt. I, §3 and affected by §15, is repealed.
Sec. 2. 36 MRSA §4641-A, sub-§1-A is enacted to read:
(1) For property valued at less than $300,000, the tax is $2 for each $1,000 or fractional part of $1,000 of the value of the property transferred.
(2) For property valued at $300,000 or more but less than $400,000, the tax is $3 for each $1,000 or fractional part of $1,000 of the value of the property transferred.
(3) For property valued at $400,000 or more but less than $500,000, the tax is $4 for each $1,000 or fractional part of $1,000 of the value of the property transferred.
(4) For property valued at $500,000 or more but less than $600,000, the tax is $5 for each $1,000 or fractional part of $1,000 of the value of the property transferred.
(5) For property valued at $600,000 or more but less than $700,000, the tax is $6 for each $1,000 or fractional part of $1,000 of the value of the property transferred.
(6) For property valued at $700,000 or more but less than $800,000, the tax is $7 for each $1,000 or fractional part of $1,000 of the value of the property transferred.
(7) For property valued at $800,000 or more but less than $900,000, the tax is $8 for each $1,000 or fractional part of $1,000 of the value of the property transferred.
(8) For property valued at $900,000 or more but less than $1,000,000, the tax is $9 for each $1,000 or fractional part of $1,000 of the value of the property transferred.
(9) For property valued at $1,000,000 or more, the tax is 1% of the value of the property transferred.
Sec. 3. 36 MRSA §4641-B, sub-§4, as amended by PL 2005, c. 644, §4, is further amended to read:
summary
This bill changes the rate of the real estate transfer tax imposed on the buyer and seller of real property and the manner of imposition. The buyer of property is charged a flat tax of $2 per $1,000 of value of the property being purchased. The seller of the property is charged a tax rate dependent on the value of the property being sold, starting at $2 per $1,000 of value of the property for property valued at less than $300,000, increased for every $100,000 in property value by $1 per $1,000 of the value of the property being sold. A maximum tax rate of 1% of the value of the property being sold is reached for property valued at $1,000,000 or more.
Ten percent of the revenue from the tax is credited to the county where the tax was collected, 45% to the Maine State Housing Authority and 45% to the so-called circuit breaker reserve to fund the Maine Residents Property Tax Program.