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ME LD1304
ME LD1304RESOLUTION, Proposing an Amendment to the Constitution of Maine to Limit Property Tax Increases for Individuals 65 Years of Age or Older and Shift the Tax Burden to State Gaming Revenues
summary
Introduced
03/25/2025
03/25/2025
In Committee
03/25/2025
03/25/2025
Crossed Over
Passed
Dead
05/21/2025
05/21/2025
Introduced Session
132nd Legislature
Bill Summary
This resolution proposes to amend the Constitution of Maine to authorize the Legislature to require taxes on property owned and occupied by a permanent resident of this State for at least 12 months as that person's primary residence to be capped at 2% each year if that person is at least 65 years of age. Upon transfer of the property to someone other than a family member of the owner, the property would assume the just value at the time of transfer. The State is required to reimburse municipalities for revenue lost due to the 2% cap on taxes using revenue from a 2% tax imposed on the sale of lottery tickets and sports betting.
AI Summary
This bill proposes a constitutional amendment in Maine that would limit property tax increases for homeowners who are 65 years or older. Specifically, the legislation would allow the state legislature to cap property tax increases at 2% annually for permanent residents aged 65+ who have owned their primary residence for at least 12 months. When the property is transferred to someone who is not a family member, the property would be reassessed at its current market value. To offset the potential revenue loss for municipalities, the state would reimburse at least 90% of the lost tax revenue using funds generated from a new 2% tax on lottery tickets and sports betting. The proposed amendment would be placed on the November statewide ballot, where voters will decide whether to approve the constitutional change. If a majority of voters support the measure, it would become part of the Maine State Constitution, providing property tax relief for senior homeowners while creating a new funding mechanism to compensate local governments.
Committee Categories
Budget and Finance
Sponsors (5)
Last Action
Pursuant to Joint Rule 310.3 Placed in Legislative Files (DEAD) (on 05/21/2025)
bill text
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://legislature.maine.gov/legis/bills/display_ps.asp?LD=1304&snum=132 |
| Fiscal Note: Text | https://legislature.maine.gov/legis/bills/bills_132nd/fiscalpdfs/FN130401.pdf |
| BillText | https://legislature.maine.gov/legis/bills/getPDF.asp?paper=SP0534&item=1&snum=132 |
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