ME LD1798

Municipalities that cap annual property tax increases at 2% for residents aged 65 and older who qualify for the Maine resident homestead exemption become eligible for a bonus state revenue sharing distribution

The additional distribution equals 20% of the municipality's standard Local Government Fund allocation

Standard revenue sharing continues to be distributed monthly based on each municipality's population multiplied by its property tax burden

Creates a financial incentive for towns and cities to voluntarily adopt senior property tax relief programs