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proposed bill in Maine aims to more than double the real estate transfer tax on homes sold for over $1 million. The current law charges $2.20 per $500 for sales exceeding $1 million, but the new proposal would raise that rate to $5 per $500. This means a home sold for $1.5 million would pay an additional $3,800 in taxes.

    The bill's sponsor, Speaker of the Maine House Ryan Fecteau, says the increased revenue will be dedicated to a housing production fund to build affordable multifamily and single-family homes. However, critics argue that the tax hike won't improve affordability and will instead burden homebuyers with additional expenses.

    Fecteau emphasizes that housing is one of his top priorities, and the bill aims to generate more state revenue through this increased tax. The proposal has already passed committee review and now faces votes in both the House and Senate.