Maine Revised Statutes Title 36 Sec. 4641-A – Rate of tax; liability for tax
Current as of: 2023 | Check for updates
|
Other versions
1. Deeds. A tax is imposed on each deed by which any real property in this State is transferred.
A. The rate of the tax is $2.20 for each $500 or fractional part of $500 of the value of the property transferred. [PL 2001, c. 559, Pt. I, §3 (NEW); PL 2001, c. 559, Pt. I, §15 (AFF).]
B. The tax is imposed 1/2 on the grantor and 1/2 on the grantee. [PL 2001, c. 559, Pt. I, §3 (NEW); PL 2001, c. 559, Pt. I, §15 (AFF).]
[PL 2001, c. 559, Pt. I, §3 (NEW); PL 2001, c. 559, Pt. I, §15 (AFF).]
Terms Used In Maine Revised Statutes Title 36 Sec. 4641-A
- Controlling interest: means the following. See Maine Revised Statutes Title 36 Sec. 4641
- Grantee: means the person to whom a freehold estate or interest in land is conveyed. See Maine Revised Statutes Title 1 Sec. 72
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Real property: includes , but is not limited to, improvements such as buildings, mobile homes other than stock-in-trade, lines of electric light and power companies and pipelines and other things constructed or situated on land when the owner of the improvements is not the landowner. See Maine Revised Statutes Title 36 Sec. 4641
- Tax: means the total amount required to be paid, withheld and paid over or collected and paid over with respect to estimated or actual tax liability under this Title, any credit or reimbursement allowed or paid pursuant to this Title that is recoverable by the assessor and any amount assessed by the assessor pursuant to this Title, including any interest or penalties provided by law. See Maine Revised Statutes Title 36 Sec. 111
- Value: means the amount of the actual consideration for real property, except that in the case of a gift, or a contract or deed with nominal consideration or without stated consideration, or in the case of the transfer of a controlling interest in an entity with a fee interest in real property when the consideration for the real property cannot be determined, "value" is to be based on the estimated price a property will bring in the open market and under prevailing market conditions in a sale between a willing seller and a willing buyer, both conversant with the property and with prevailing general price levels. See Maine Revised Statutes Title 36 Sec. 4641
2. Transfer of direct or indirect controlling interest in entity with interest in real property. A tax is imposed on the transfer or acquisition within any 12-month period of a direct or indirect controlling interest in any entity with a fee interest in real property in this State.
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. [PL 2001, c. 559, Pt. I, §3 (NEW); PL 2001, c. 559, Pt. I, §15 (AFF).]
B. The tax is imposed 1/2 on the transferor and 1/2 on the transferee, but if the transfer or acquisition is not reported to the register of deeds in the county or counties in which the property is located and the tax is not paid within 30 days of the completion of the transfer or acquisition, the transferor and the transferee are jointly and severally liable for the full amount. [PL 2001, c. 559, Pt. I, §3 (NEW); PL 2001, c. 559, Pt. I, §15 (AFF).]
C. If a controlling interest is acquired by a series of transfers, each transferor is liable for its proportional share of tax based on the value of the property on the date of the sale. [PL 2001, c. 559, Pt. I, §3 (NEW); PL 2001, c. 559, Pt. I, §15 (AFF).]
[PL 2001, c. 559, Pt. I, §3 (NEW); PL 2001, c. 559, Pt. I, §15 (AFF).]
SECTION HISTORY
PL 1975, c. 572, §1 (NEW). PL 1983, c. 859, §§M9,M13 (AMD). PL 1985, c. 381, §1 (AMD). PL 1993, c. 398, §2 (RPR). PL 2001, c. 559, §I3 (RPR). PL 2001, c. 559, §I15 (AFF).