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An Act To Restore Equity in Revenue Sharing
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 30-A MRSA §5681, sub-§2, ¶E, as amended by PL 2007, c. 662, §1, is further amended to read:
 
E. "Disproportionate tax burden" means the total real and personal property taxes assessed in the municipal fiscal year pertaining to the latest state valuation, except the taxes assessed on captured value within a tax increment financing district, divided by the latest state valuation certified to the Secretary of State and reduced by .01. Beginning on July 1, 2013 and each July 1st thereafter, if the total revenue-sharing distribution as calculated by subsection 5 is distributed to the municipalities without transfer or reduction, the reduction factor must be increased by either .0005 or the percentage increase necessary to equal the statewide average property tax rate, whichever increase is smaller, until the fiscal year when the percentage reduction factor reaches the statewide average property tax rate.
Sec. 2.  30-A MRSA §5681, sub-§2, ¶F  is enacted to read:
 
F.  "Statewide average property tax rate" means the total real and personal property taxes assessed in all municipalities in the municipal fiscal year pertaining to the latest state valuation, except the taxes assessed on captured value within a tax increment financing district, divided by the total latest state valuation certified to the Secretary of State.
 
Effective 90 days following adjournment of the 125th Legislature, Second Regular Session, unless otherwise indicated.