LD 1071 LR 332(02)
An Act To Reduce Property Taxes for Maine Residents
Fiscal Note for Bill as Amended by Committee Amendment " "
Committee: Taxation
Fiscal Note Required: Yes
Fiscal Note
FY 2021-22 FY 2022-23 Projections  FY 2023-24 Projections  FY 2024-25
Net Cost (Savings)
General Fund $0 $18,276,000 $28,580,000 $34,356,000
General Fund $0 $18,276,000 $28,580,000 $34,356,000
Fiscal Detail and Notes
The bill includes a General Fund appropriation to the Department of Administrative and Financial Services of $18,276,000 in fiscal year 2022-23 to increase the homestead property tax exemption to $30,000 and increase the state reimbursement to municipalities by 3% per year until it reaches 100%.