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130th MAINE LEGISLATURE |
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LD 418 |
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LR 782(02) |
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An Act To Create
a Graduated Real Estate Transfer Tax |
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Fiscal Note for
Bill as Amended by Committee Amendment " " |
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Committee: Taxation |
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Fiscal Note Required: Yes |
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| Fiscal Note |
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FY 2021-22 |
FY 2022-23 |
Projections FY 2023-24 |
Projections FY 2024-25 |
| Net Cost
(Savings) |
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General Fund |
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$0 |
($738,000) |
($1,037,000) |
($1,077,000) |
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| Appropriations/Allocations |
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Other Special Revenue Funds |
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$0 |
$450,000 |
$749,000 |
$789,000 |
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| Revenue |
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General Fund |
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$0 |
$738,000 |
$1,037,000 |
$1,077,000 |
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Other Special Revenue Funds |
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$0 |
$450,000 |
$749,000 |
$789,000 |
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| Fiscal Detail
and Notes |
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General Fund
revenue is increased by $738,000 in fiscal year 2022-23 from increasing the
real estate transfer tax to $2.70 per $500 of the value of the property that
exceeds $1,000,000. Additional revenue to be deposited into the Housing
Opportunity for Maine Fund (HOME Fund) is estimated to be $450,000 in fiscal
year 2022-23. |
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This bill
includes an Other Special Revenue Funds allocation of $450,000 in fiscal year
2022-23 to the Maine State Housing Authority to allow expenditure of the
money credited to the HOME Fund. |
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