Exempts first-time homebuyers from real estate transfer tax and raises tax rate for high-value properties.
This bill exempts first-time homebuyers using Maine State Housing Authority mortgage loan programs from the real estate transfer tax. It also raises the tax rate from $2.20 to $5 per $500 for real estate sales over $1,000,000. The bill directs the distribution of tax revenue to various funds, including the General Fund, Housing First Fund, and Maine Energy, Housing and Economic Recovery Program. It removes the requirement for 25% of Housing Opportunities for Maine Fund funds to be used for housing production, instead directing 25% to support new affordable housing units.
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