4.__Collection and deposit.__A municipal real estate transfer tax imposed under this chapter must be paid to the tax collector in the municipality in which the real estate is located.

Notwithstanding notification provisions in subsection 3, payment of the municipal real estate transfer tax is due no later than the date established by chapter 711-A for payment of the state real estate transfer tax.

The municipal tax collector__shall deposit all revenue received from the municipal real estate transfer tax in the municipal land bank account in accordance with Title 30-A, chapter 157, subchapter 6.

5.__Municipal authority.__A municipality may adopt provisions necessary for the proper administration of a real estate transfer tax, including provisions concerning the determination of the tax, the imposition of interest on payments and the penalties for failing to comply with the tax provisions. To the extent possible, provisions to administer this chapter must be identical to corresponding provisions in chapter 711-A.__The municipality may, when necessary, secure payment of the tax and any related penalties or interest in accordance with section 552.

SUMMARY

This bill authorizes municipalities to impose a municipal real estate transfer tax. It requires a municipality to approve such a tax and establishment of a land bank program through the municipal referendum process. It places restrictions on the tax rate and uses of the tax.