ERA Today Realty Blog - Southern Maine Real Estate News & Events

Real Estate is a great long term investment, certainly better than stocks.  First time homebuyers, investors, second home buyers purchase and spend in the great State of Maine.  So.....why do legistlators keep hand cuffing the reral estate recovery?  TRANSFER TAX INCREASE PROPOSAL - THEY JUST DON'T GET IT: 

As you've likely seen in the headlines, the Democratic Tax Reform proposal again includes attempts to increase the transfer tax - this time on properties $500,000 or higher (from $4.40 to $10.00 per thousand on amounts over $500K).  They just don't get it. The "reform" has no spending cuts - only shifting a tax burden to Maine homeowners, buyers and others.  Those extra fees further the financial burden of those who will continue to not be able to sell their homes (many are already short sales), and adds more reasons for those in that price range (one of the hardest hit, as we all know) to completely stay out of the buying market. 

Potential buyers of those properties have likely already seen decreases in their primary home value and in their investment accounts - two main funding sources for those properties. Maine 's economy will not recover without a real estate recovery.  MAR will again run an extensive media campaign as we get closer to the date to educate the public about this very flawed plan.  However, if you know any Democrats in the Legislature tell them NOW to OPPOSE their own tax proposal.  Tell your sellers to let Democrats know they are harming their chances to make a sale - even floating this idea out there now will cause more people to wait or not buy at all.  Maine real estate can't afford it. To find your legislators contact info:  http://www.maine.gov/legis/contact.htm