| | | A. The rate of the tax is $2.20 for each $500 or fractional | | part of $500 of the value of the real property owned by the | | entity and located in this State or the tax rate established | | by the county commissioners pursuant to Title 30-A, section | | 709. |
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| | | Sec. 5. 36 MRSA §4641-B, sub-§3, as enacted by PL 2001, c. 559, Pt. I, | | §4 and affected by §15, is repealed and the following enacted in | | its place: |
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| | | 3.__Disposition of funds.__The county retains the tax | | collected pursuant to this chapter.__Each register of deeds | | shall, on or before the 10th day of the month, credit that | | portion of the revenue directed by the county commissioners to a | | capital improvements fund for use by the county and shall credit | | the same amount of the revenue to an account to be available to | | the county to reduce the county tax levy. |
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| | | Sec. 6. 36 MRSA §4641-B, sub-§4, as amended by PL 2003, c. 20, Pt. V, | | §1, is repealed. |
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| | | Sec. 7. 36 MRSA §4641-N, as enacted by PL 1985, c. 381, §3, is | | repealed. |
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| | | This bill authorizes a county to establish a county real | | estate transfer tax and permits that county to retain 100% of the | | revenue generated by the real estate transfer tax. It requires | | the county to apply the revenue evenly between a capital reserve | | account for the county and an account used to reduce the county | | tax levy. |
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| | | The bill also makes changes to the Housing Opportunities for | | Maine Fund to reflect the loss of real estate transfer tax | | revenue. |
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