Maine’s pool of money from taxes on home sales is growing. How is it being used?
Maine's real estate transfer tax is expected to generate significant revenue in the coming years, which will be used to fund affordable housing initiatives. The tax, which collects money from both buyers and sellers, is projected to bring in $57.4 million this year and up to $68.6 million by 2029.
Maine's real estate transfer tax is growing due to the state's burgeoning housing market. The tax generates money from both buyers and sellers when a property is sold. It is expected to bring in $57.4 million this year and up to $68.6 million by 2029. The revenue will be used to fund affordable housing initiatives, including programs for first-time home buyers and homeless shelters. The tax rate was increased last year for properties worth over $1 million. The increased revenue will help address the state's housing affordability issues.
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