CONCEPT DRAFT

SUMMARY

This bill is a concept draft pursuant to Joint Rule 208. This bill seeks to make the following changes to the law governing statutory property tax exemptions.

1. It requires the State to equitably reimburse a municipality for property tax revenue lost due to statutory exemptions.

2. It requires the State to reimburse a municipality in an amount equal to 100% of the property tax revenue loss incurred by the municipality for any new property purchased by or conveyed to the State in the municipality after the effective date of this bill.

3. It allows municipalities to charge nonreligious exempt institution or organization up to 20% of the property tax revenue lost due to the institution's or organization's property tax exemption.

4. It provides a property tax exemption for the primary residence of a Maine resident 70 years of age or older.