Constitutional amendment. Resolved: Two thirds of each branch of the Legislature concurring, that the following amendment to the Constitution of Maine be proposed:

Constitution, Art. IX, §8, first ¶ is amended to read:

Section 8. Taxation. All taxes upon real and personal estate, assessed by authority of this State, shall be apportioned and assessed equally according to the just value thereof.

Constitution, Art. IX, §8, sub-§§1-A and 1-B are enacted to read:

1-A.__Property tax rates.__The Legislature may establish maximum limits on property tax rates based on the status of property after April 1, 2003, adjusted in the same manner as state valuation, that may be assessed for the purposes of financing public education from kindergarten to grade 12.__The Legislature may establish and define different classes of property and may establish different maximum limits on property tax rates for each class of property.

1-B.__Personal property.__All taxes on personal property first owned or installed in this State on or before April 1, 2003 must be apportioned and assessed equally according to the just value thereof.__All personal property first owned or installed in this State after April 1, 2003 is exempt from taxation as personal property, as long as certain personal property as defined by the Legislature is subject to an excise tax to be collected and retained by municipalities.__The base value of the personal property subject to an excise tax must be the original cost of the property when first purchased or installed in this State.__ The Legislature shall establish a depreciating excise tax mill rate schedule with a minimum rate with the goals of balancing the State's interest in establishing a uniform, stable and competitive industrial tax obligation compared to other states, removing disincentives to replace or modernize business machinery and equipment, and obtaining revenues from the personal property excise tax base that the Legislature considers reasonable to support municipal services and a fair share of the cost of public education for kindergarten to grade 12.

; and be it further

Constitutional referendum procedure; form of question; effective date. Resolved: That the municipal officers of this State shall notify the inhabitants of their respective cities, towns and plantations to meet, in the manner prescribed by law