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ME LD1729
Bill
AI Summary
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Increases the state reimbursement rate to municipalities for revenue lost due to the Maine Resident Homestead Property Tax Exemption from the current 76% to 100%
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Beginning April 1, 2026, the reimbursement rate increases by 3 percentage points annually until reaching 100%
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Full 100% reimbursement would be achieved in 8 years under the proposed schedule
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Amends 36 MRSA §685 to establish the new reimbursement timeline and structure
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Presented by Senator Bennett of Oxford with bipartisan cosponsorship from legislators representing Oxford, Androscoggin, Somerset, Hancock, and Sagadahoc counties
Legislative Description
An Act to Increase the Rate of Reimbursement to Municipalities for Revenue Lost as a Result of the Maine Resident Homestead Property Tax Exemption
Property Tax
Last Action
Pursuant to Joint Rule 310.3 Placed in Legislative Files (DEAD)
5/21/2025