summary
Introduced
03/02/2023
03/02/2023
In Committee
03/02/2023
03/02/2023
Crossed Over
Passed
Dead
06/21/2023
06/21/2023
Introduced Session
131st Legislature
Bill Summary
This bill provides that property is eligible for the homestead property tax exemption if the property is owned by a limited liability company and occupied as a permanent residence by a member of the limited liability company.
AI Summary
This bill expands access to the homestead property tax exemption by allowing property owned by a limited liability company (LLC) to be eligible for the exemption if the property is occupied as a permanent residence by a member of the LLC. The existing law already allows the exemption for property owned by an individual or held in a revocable living trust, as well as property owned by a cooperative housing corporation and occupied by a resident who is a qualifying shareholder. This bill adds the option for property owned by an LLC to also qualify for the exemption if a member of the LLC resides there permanently.
Committee Categories
Budget and Finance
Sponsors (4)
Last Action
Accepted Majority (ONTP) Report, Jun 21, 2023 (on 06/21/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://legislature.maine.gov/legis/bills/display_ps.asp?LD=984&snum=131 |
| Fiscal Note: Text | https://legislature.maine.gov/legis/bills/bills_131st/fiscalpdfs/FN098401.pdf |
| BillText | https://legislature.maine.gov/legis/bills/getPDF.asp?paper=SP0403&item=1&snum=131 |
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