John Herrigel - Southern Maine Real Estate | Maine Coastal Real Estate

Individual Income Tax (1040ME)
Maine generally imposes an income tax on all individuals that have Maine-source income. The income tax rates are graduated, with rates ranging from 2% to 8.5%.

Use Taxes:
General, Service Provider & Use 5%
Lodging & Prepared Food 7%
Short Term Auto Rental 10%

Excise Taxes on Vehicles: (NOTE: Pain in the butt to PAY each YEAR!!!)
Annual and determined by multiplying MSRP of vehicle by the following mill rates.
YEAR 1 .0240 mil rate
YEAR 2 .0175 mil rate
YEAR 3 .0135 mil rate
YEAR 4 .0100 mil rate
YEAR 5 .0065 mil rate
YEAR6 .0040 mil rate
For example, a 3 year old car with an MSRP of $19,500 would pay $263.25.

Maine Real Estate Transfer Tax (NOTE: Generally not a significant number)
The transfer tax is collected when property is sold. The rate of tax is $2.20 for each $500 or fractional part of $500 of the value of the property being transferred. The tax is imposed ½ on the grantor, ½ on the grantee.

Maine Property Taxes:
Each town has their own mill rate they multiply by assessed value. In Bath/Brunswick figure $3000-$5000 for water view/lower end waterfront homes. Seems to go up a bit each year, not based on purchase price but changes when they revalue the entire town or change the mill rate.

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Phippsburg is a large peninsula off of the city of Bath that juts South into the ocean and is about 45-1 hr from Portland. It has a year round population of about 2000 and in the summer it blossomes to about 5000. Home to Popham Beach State park and tons of hiking trails and areas to explore I grew up here and continue to summer in this wonderful location. Lots of micro communities with a mix of fishing villages, summer communities, year round living and Sebasco Harbor Resort with a 9 hole golf course, there iis tons of waterfront real estate primarily on the Kennebec and New Meadows rivers available. Overall the topography of the area lends itself to privacy with larger parcels and mostly wooded lots. The Phippsburg Maine real estate market is much more affordable than areas further south with a current inventory of 39 properties. Having seen 31 transactions at an average price of 274K in 2007, one can find great waterfront/view property in the 500K range.

The Southern Maine real estate market is quite varied in its offerings. From coastal waterfront retreats to intown city living, here is a recent snapshop of the currenty inventory levels and sold prices from 2007 for various communities in the region.

Current Inventory Total Sold 2007 Avg. Sold Price
Portland 481 778 269K
South Portland 156 344 245K
Falmouth 181 179 484K
Cumberland 99 100 413K
Yarmouth: 84 95 398K
Cape Elizabeth 94 149 452K
Westbrook 137 215 273K
Scarborough 193 252 356K
Saco 193 227 261K
Biddeford 200 139 277K
Old Orchard 230 200 232K
Kennebunkport 81 96 573K

Just to the North of Portland sits Falmouth Maine. One of the most desireable neighborhoods to call home and thus one of the more pricey, here is a current market snap shop of the Falmouth Maine real estate conditions.

Currently there are 186 properties on the market, 155 single family and 31 condos. The average asking price is 553K (top 2 multi million properties excluded) with 11 properties listed over 1 Million and the lowest price property being 130K

In 2007 a total of 168 transactions occured with an average selling price of 484K.

Read more about South Maine real estate here.

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In the Portland Maine real estate world it seems the multi unit market is even slower than the single family housing market although just yesterday I did call on 2 multi unit properties that are now UC, encouraging. Despite the significant drop in transaction levels the pricing has held up surprisingly well. Here is a recent snapshot of 2-4 unit buildings in the Maine multi unit market.

Inventory Ask Price Price/Unit
Current 97 351K 141K

Sold Avg Sold Price Price/Unit
Past 12 Months 79 342K 142K
2006 114 352K 141K
2005 156 352K 140K
2004 174 330K 129K