Maine Increasing Real Estate Transfer Taxes.....A Lot!

By
Real Estate Agent with The Maine Real Estate Network

Currently, the state of Maine requires an equal division of the real estate transfer tax at closing to the tune of money$4.40 per thousand, shared equally between buyers and sellers.  It's not a horrific number, pretty average from what I can tell by looking at some other states. Boiled down, if you are either buying or selling a home that is priced at $200,000.00, then at the closing table, you will pay to the state of Maine about $440.00.

Maine is a great place to live, and I can't complain about much.  But....I do have a problem with what our esteemed representatives have decided to do.  It has been decided that all buyers and sellers will now cough up even more at the closing table to the state to alleviate our tax burdens overall.  The increase is 300%!  Here is a link provided by the Maine Association of Realtors that explains how this is happening: http://www.maineshakedown.com/ . The breakdown is as follows for primary homes:

If you are selling or buying a home for $200,000 or less, the transfer tax will now be $6 per thousand.

If you are selling or buying a home for between $200,000 and $400,000, the transfer tax will now be $8 per thousand. 

If you are selling or buying a home for between $400,000 and $1,000,000, the transfer tax will now be $10 per thousand.

If you are selling or buying a home for more than $1,00,000, the transfer tax will now be $15 per thousand.

For second homes, land, and commercial real estate, the transfer tax will now be $10 per thousand.

angry woman

It is important for us to contact our legislators and tell them how we feel about this.  It doesn't sound like much, but when buying a home is such an expensive endeavour, it just doesn't seem that we need to make it even more expensive.  Here is a link for you to find out who to contact - please do so! We work hard for our money.  http://janus.state.me.us/house/townlist.htm

Also, for the other real estate professionals out there, I would love to know how your state handles the transfer tax at the closing table.

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Liz Foley, The Maine Real Estate Network,207-651-6198

www.lizfoleysellshomes.com; mainelyliz@gmail.com

 

 

 

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Location:
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Rainer
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Linda Peters
Salem Five Mortgage Company

Hello All

I am new to AR and just found your post.  I am a LO with Countrywide (yes, we are still standing and moving forward)    I had no idea this was even proposed, and happy to hear it was voted down.   Finally someone in our esteemed Capitol had the wisdom to not make such a drastic increase.   We are a highly taxed State and it is time we became more fiscially responsible rather than raising taxes on everything and anything.     Our current housing market cannot absorb those kinds of increases.

Happy to have a site like this that collectively keeps us abreast of what is happening.   Thanks for the blog!

 

Linda

October 02, 2007 09:19 AM
Rainer
39,234
Liz Foley
Cheerfully serving your real estate needs!
The Maine Real Estate Network
I certainly was glad, too, Linda!  Welcome to Active Rain, and have fun with it! Liz  
October 02, 2007 04:39 PM
Rainer
39,234
Liz Foley
Cheerfully serving your real estate needs!
The Maine Real Estate Network

For crying out loud - spamming not appreciated!

July 19, 2009 06:14 PM
Anonymous #22
Anonymous
Mark Chaisty

Maine Voters:

One party taxes you to death and one party does not...

Stop whining and next visit too the polls let the tax drunk in Augusta hear your voice!!

July 31, 2009 10:58 AM
Rainer
39,234
Liz Foley
Cheerfully serving your real estate needs!
The Maine Real Estate Network

Mark, Mark, Mark, how the heck are ya?  My buyers are all settled and busy landscaping their new home - was good to do business with you!

Tax drunk????  Not sure about that one - I plead the fifth, but yes, voting is one way to make sure your voice is heard - guess that means you aren't taking your voice for granted!  See you on the next deal...Liz

July 31, 2009 11:52 AM
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A commentary on living in Maine, Maine real estate, and general observations of Maine life. Meez 3D avatar avatars games