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ME LD1304
Bill
AI Summary
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Property tax increases would be capped at 2% per year on primary residences owned by Maine residents aged 65 or older who have owned the home for at least 12 months
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Upon transfer of the property to someone other than a family member, the property would reset to its current just value at the time of transfer
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The State would be required to reimburse municipalities for at least 90% of revenue lost due to the tax cap
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Reimbursement funding would come from a new 2% tax imposed on lottery tickets and sports betting
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Requires approval by two-thirds of the Legislature and ratification by voters in a statewide November election to amend the Maine Constitution
Legislative Description
RESOLUTION, 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
Property Tax
Last Action
Pursuant to Joint Rule 310.3 Placed in Legislative Files (DEAD)
5/21/2025