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132nd MAINE LEGISLATURE |
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LD 1082 |
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LR 365(03) |
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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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($641,500) |
$56,000 |
$88,000 |
$90,000 |
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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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$1,959,000 |
$5,319,000 |
$5,990,000 |
$6,519,000 |
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| Revenue |
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General Fund |
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$721,000 |
($56,000) |
($88,000) |
($90,000) |
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Other Special Revenue Funds |
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$1,959,000 |
$5,319,000 |
$5,990,000 |
$6,519,000 |
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| Fiscal Detail
and Notes |
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This bill
increases the real estate transfer tax rate to $4 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 $721,000 in
fiscal year 2025-26 and a revenue decrease of $56,000 in fiscal year 2026-27.
These changes would also result in a revenue increase to the Housing First
Fund of $653,000 in fiscal year 2025-26 and to the Housing Opportunities for
Maine (HOME) Fund of $1,306,000 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
$15,314,000 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 $1,212,000 in fiscal year 2026-27 and reduces
ongoing revenue to the HOME Fund by $8,783,000 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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