What is the Maine real estate transfer tax rate and how is it typically allocated?
Correct Answer
B) $2.20 per $500 of consideration paid by each party, for a combined total of $4.40 per $500
Maine imposes a real estate transfer tax of $2.20 per $500 (or fraction thereof) of the property's sale price or consideration. Both the buyer and the seller each pay $2.20 per $500, making the combined total $4.40 per $500. The tax is collected at closing and is governed by 36 M.R.S. § 4641-A.
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