Sec. 1. 33 MRSA §593, sub-§2, as amended by PL 1987, c. 358, §1, is repealed and the following enacted in its place:

2.__Time-share estates taxed proportionately as residential condominium units.__Each time-share estate constitutes for all purposes a separate estate in real property, except that a municipality shall assess property tax only on the real property value of the time-share estate.__For this purpose, a municipality shall assess property tax on each unit in which time-share estates have been created in the same manner as if it were a residential condominium unit owned by a single taxpayer.__The managing entity shall divide the tax assessment proportionately among the individual time-share estates based on the method by which costs are allocated to them under the project instrument.__ Each time-share owner shall pay the real estate tax assessed against that owner's time-share estate.__No later than January 31st of each year, the managing entity shall certify to the tax collector of the municipality in which the time-share property is located the names and addresses of the time-share owners, the units to which their time-share estates pertain and their respective percentages for sharing in the payment of the taxes assessed against the time-share property.

Sec. 2. 33 MRSA §593, sub-§4, as amended by PL 1991, c. 197, §1, is repealed and the following enacted in its place:

4.__Receipt of tax bills; collection of money for taxes.__Each municipality shall deliver to the managing entity of a time-share property the bills for taxes assessed against units in which time-share estates have been created.__The managing entity shall act as agent on behalf of the time-share owners for the purposes of receiving the tax bills and collecting money for taxes from those owners.__The managing entity shall maintain an escrow account and pay the taxes as provided in subsection 5.

Sec. 3. 33 MRSA §593, sub-§5, as amended by PL 2003, c. 229, §1, is repealed and the following enacted in its place:

5.__Escrow account.__The managing entity shall maintain an escrow account with a financial institution licensed by the State and deposit any money collected for taxes in the escrow account within 10 days after collection.__The escrow account must be established in the names of both the managing entity and the municipality in which the time-share property is located.__A withdrawal may not be made from the escrow account without the written agreement of the municipality.