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132nd MAINE LEGISLATURE |
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LD 1082 |
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LR 365(02) |
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An Act to Invest
in Maine's Families and Workforce by Amending the 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 2025-26 |
FY 2026-27 |
Projections FY 2027-28 |
Projections FY 2028-29 |
| Net Cost
(Savings) |
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General Fund |
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($1,558,500) |
($1,388,000) |
($1,515,000) |
($1,643,000) |
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| Appropriations/Allocations |
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General Fund |
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$79,500 |
$0 |
$0 |
$0 |
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Other Special Revenue Funds |
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$4,473,000 |
$10,503,000 |
$11,737,000 |
$12,738,000 |
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| Revenue |
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General Fund |
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$1,638,000 |
$1,388,000 |
$1,515,000 |
$1,643,000 |
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Other Special Revenue Funds |
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$4,473,000 |
$10,503,000 |
$11,737,000 |
$12,738,000 |
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| Fiscal Detail
and Notes |
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This bill
increases the real estate transfer tax rate to $6 per $500 of value for the
portion of a property's value in excess of $1,000,000 and establishes an
exemption from the real estate transfer tax for homes purchased under the
Maine State Housing Authority's first-time home-buyer mortgage loan programs.
This would result in a revenue increase to the General Fund of $1,638,000 in
fiscal year 2025-26 and $1,388,000 in fiscal year 2026-27. These changes
would also result in a revenue increase to the Housing First Fund of
$1,491,000 in fiscal year 2025-26 and to the Housing Opportunities for Maine
(HOME) Fund of $2,982,000 in fiscal year 2025-26.
The bill also changes the distribution of real estate transfer tax revenue
beginning in fiscal year 2026-27. The redistribution provides ongoing revenue
of $17,258,000 in fiscal year 2026-27 to a newly established Housing
Production Fund within the Maine State Housing Authority and reduces ongoing
revenue to the Housing First Fund by $46,000 in fiscal year 2026-27 and
reduces ongoing revenue to the HOME Fund by $6,709,000 in fiscal year
2026-27. |
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The bill includes
a one-time General Fund appropriation to the Bureau of Revenue Services
within the Department of Administrative and Financial Services of $79,500 in
fiscal year 2025-26 to fund computer programming costs associated with the
provisions of this bill. |
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