LD 1071 LR 332(03)
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 ($559,000) ($755,000) ($767,000)
General Fund $0 ($559,000) ($755,000) ($767,000)
Fiscal Detail and Notes
This bill includes a General Fund deappropriation to the Department of Administrative and Financial Services of $559,000 in fiscal year 2022-23 for the net effect of increasing the homestead property tax exemption to $30,000 and reducing the state reimbursement to municipalities from 70% to 58%.