Maine's pool of money from taxes on home sales is growing. How is it being used?
Maine's real estate transfer tax is generating more revenue due to the state's growing housing market, with the funds being used to support affordable housing initiatives. The tax is expected to bring in $57.4 million this year and up to $68.6 million by 2029, which will be used to fund programs such as first-time home buyer assistance and homeless shelters.
Maine's real estate transfer tax is growing due to the state's housing market. The tax generates money from property sales, with the standard rate being $2.20 per $500 in property value. A new tax rate for properties over $1 million was introduced last year, which is expected to generate $17 million for affordable housing production. The funds will be used to support initiatives such as first-time home buyer programs and homeless shelters. The tax revenue is projected to increase to $68.6 million by 2029. The state's affordable housing initiatives will benefit from the increased funding.
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