summary
Introduced
03/16/2023
03/16/2023
In Committee
03/21/2023
03/21/2023
Crossed Over
Passed
Dead
04/27/2023
04/27/2023
Introduced Session
131st Legislature
Bill Summary
This bill increases the property tax exemption for homesteads from $25,000 to $50,000 for property tax years beginning on or after April 1, 2024. This bill also adds provisions increasing the rate of state reimbursement, which has the effect of reimbursing municipalities for revenue lost as a result of the increase in the homestead property tax exemption to $50,000.
AI Summary
This bill increases the property tax homestead exemption from $25,000 to $50,000 for property tax years beginning on or after April 1, 2024. It also increases the rate of state reimbursement to municipalities to offset the revenue lost due to the higher homestead exemption, with the state reimbursing 85% of the taxes lost from the $50,000 exemption starting in the 2024 tax year.
Committee Categories
Budget and Finance
Sponsors (10)
Austin Theriault (R)*,
Donald Ardell (R),
David Boyer (R),
Micky Carmichael (R),
Ben Chipman (D),
Billy Bob Faulkingham (R),
Jim Libby (R),
Joe Perry (D),
Tracy Quint (R),
Charles Skold (D),
Last Action
Ought Not to Pass Pursuant To Joint Rule 310, Apr 27, 2023 (on 04/27/2023)
Bill Topics
Government Operations
- ‐ Intergovernmental Relations
Macroeconomics
- ‐ Taxation, Tax Policy, and Tax Reform
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://legislature.maine.gov/legis/bills/display_ps.asp?LD=1202&snum=131 | 03/13/2023 |
| BillText | https://legislature.maine.gov/legis/bills/getPDF.asp?paper=HP0762&item=1&snum=131 | 03/13/2023 |
Loading...