LD 418 LR 782(02)
An Act To Create a Graduated Real Estate Transfer Tax
Fiscal Note for Bill as Amended by Committee Amendment " "
Committee: Taxation
Fiscal Note Required: Yes
Fiscal Note
FY 2021-22 FY 2022-23 Projections  FY 2023-24 Projections  FY 2024-25
Net Cost (Savings)
General Fund $0 ($738,000) ($1,037,000) ($1,077,000)
Other Special Revenue Funds $0 $450,000 $749,000 $789,000
General Fund $0 $738,000 $1,037,000 $1,077,000
Other Special Revenue Funds $0 $450,000 $749,000 $789,000
Fiscal Detail and Notes
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.
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.