Currently, the state of Maine requires an equal division of the real estate transfer tax at closing to the tune of $4.40 per thousand, shared equally between buyers and sellers. It's not a horrific number, pretty average from what I can tell by looking at some other states. Boiled down, if you are either buying or selling a home that is priced at $200,000.00, then at the closing table, you will pay to the state of Maine about $440.00.
Maine is a great place to live, and I can't complain about much. But....I do have a problem with what our esteemed representatives have decided to do. It has been decided that all buyers and sellers will now cough up even more at the closing table to the state to alleviate our tax burdens overall. The increase is 300%! Here is a link provided by the Maine Association of Realtors that explains how this is happening: http://www.maineshakedown.com/ . The breakdown is as follows for primary homes:
If you are selling or buying a home for $200,000 or less, the transfer tax will now be $6 per thousand.
If you are selling or buying a home for between $200,000 and $400,000, the transfer tax will now be $8 per thousand.
If you are selling or buying a home for between $400,000 and $1,000,000, the transfer tax will now be $10 per thousand.
If you are selling or buying a home for more than $1,00,000, the transfer tax will now be $15 per thousand.
For second homes, land, and commercial real estate, the transfer tax will now be $10 per thousand.
It is important for us to contact our legislators and tell them how we feel about this. It doesn't sound like much, but when buying a home is such an expensive endeavour, it just doesn't seem that we need to make it even more expensive. Here is a link for you to find out who to contact - please do so! We work hard for our money. http://janus.state.me.us/house/townlist.htm
Also, for the other real estate professionals out there, I would love to know how your state handles the transfer tax at the closing table.