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ME LD1885
Bill
Status
5/13/2025
Primary Sponsor
Valli Geiger
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AI Summary
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Creates a new statewide property tax of 5 mills on all real estate beginning April 1, 2026, with taxes due to the State Tax Assessor by October 1st annually
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Exempts homesteads up to $1,000,000 in value for permanent Maine residents who qualify for the existing Maine resident homestead property tax exemption, effectively targeting second homes and non-resident property owners
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Distributes revenue to three funds: 50% to the Fund for Essential Programs and Services (K-12 education for underfunded school districts), 40% to the Early Childhood Education Fund, and 10% to the Land for Maine's Future Trust Fund
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Prioritizes K-12 education funding for school administrative units that fall below state funding targets due to having municipalities with higher-than-median poverty rates and lower-than-median income rates
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Requires annual reporting by the State Tax Assessor beginning November 1, 2026 on revenue generated and fund distributions
Legislative Description
An Act to Create a State Property Tax Directed Toward 2nd Homes for the Purposes of Funding Education, Early Childhood Programs and the Land for Maine's Future Trust Fund
Tax Assessment
Last Action
Pursuant to Joint Rule 310.3 Placed in Legislative Files (DEAD)
5/13/2025