Sec. BB-1. 36 MRSA §683, sub-§1, as enacted by PL 1997, c. 643, Pt. HHH, §3 and affected by §10, is repealed and the following enacted in its place:
1. Exemption amount. Except for assessments for special benefits, the following values of the homestead of a permanent resident of this State who has owned a homestead in this State for the preceding 12 months are exempt from taxation:
A. The estate up to the just value of $7,000 for homesteads with a just value of less than $125,000;
B. The estate up to the just value of $5,000 for homesteads with a just value of at least $125,000 but less than $250,000; and
C. The estate up to the just value of $2,500 for homesteads with a just value of $250,000 or greater.
Sec. BB-2. 36 MRSA §683, sub-§1-A is enacted to read:
1-A. Local assessed value of the exemption. In determining the local assessed value of the exemption for purposes of subsection 1, the assessor shall multiply the amount of the exemption by the ratio of current just value upon which the assessment is based as furnished in the assessor's annual return pursuant to section 383. In determining the amount of just value exemption applicable to each estate for purposes of subsection 1, the assessor shall divide the local assessed value of each estate by the ratio of current just value upon which the assessment is based. If the title to a homestead is held by the applicant jointly or in common with others, the exemption may not exceed $7,000 of the just value of the homestead with a just value of less than $125,000, or $5,000 of the just value of the homestead with a just value of at least $125,000 but less than $250,000, or $2,500 of the just value of the homestead with a just value of $250,000 or greater, but may be apportioned among the owners who reside on the property to the extent of their respective interests. A municipality responsible for administering the homestead exemption has no obligation to create separate accounts for each partial interest in a homestead owned jointly or in common.
Sec. BB-3. Application. This Part applies to property tax valuations determined on or after April 1, 2003.
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