How much is the real estate transfer tax in Maine?

How much is the real estate transfer tax in Maine?

The transfer tax is collected on the following two transactions. The rate of tax is $2.20 for each $500 or fractional part of $500 of the value of the property being transferred. The tax is imposed ½ on the grantor, ½ on the grantee.

What is Maine’s tax rate?

For more accurate rates, use the sales tax calculator. The Maine (ME) state sales tax rate is currently 5.5%. Sales tax is not collected at the local (city, county, or ZIP) in Maine making it one of the easier states in which to manage sales tax collection, filing, and remittance.

How much is capital gains tax in Maine?

Maine taxes both long- and short-term capital gains at the full income tax rates described in the income tax section above. This means that income from capital gains can face a state rate of up to 7.15% in Maine.

Who typically pays closing costs in Maine?

Who pays closing costs in Maine? In Maine, the buyer typically pays the bulk of the closing costs. But fees depend on whether you’re the one purchasing or selling a home.

Who pays the transfer tax in Maine?

Documentary Stamp Tax (Transfer Taxes) – Are collected by the state of Maine and are paid equally by the buyer and the seller. The amount is calculated as $2.20 per $1,000 of the sales price.

Is Maine a tax-friendly state?

Maine. Our Ranking: Not tax-friendly. State Income Tax Range: 5.8% (on taxable income less than $22,450 for single filers; less than $44,950 for joint filers) — 7.15% (on taxable income of $53,150 or more for single filers; $106,350 for joint filers). Average Combined State and Local Sales Tax Rate: 5.5%.

How much is closing costs on a house in Maine?

When it comes to determining your closing costs, the general rule is that buyers should expect to pay between 2% and 5% of the purchase price of a home. The median home value in Maine is $233,000. That means you will likely pay between $4660 and $11,650 in closing costs when you buy a home.