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| | | An Act Relating to the Assessment of Property Taxes on |
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| | | Be it enacted by the People of the State of Maine as follows: |
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| | | Sec. 1. 33 MRSA §593, sub-§2, as amended by PL 1987, c. 358, §1, is | | further amended to read: |
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| | | 2. Time-share estates as separate estates. Each time-share | | estate constitutes for all purposes a separate estate in real | property. Each time-share estate shall | | assessed and taxed. In addition to other factors relevant to the | | valuation of a time-share estate considered by the assessor, the | | assessor may consider the real property value of the time-share | | estate declared in the declaration of value, if any, submitted | | under Title 36, section 4641-D. The filing and discharge of tax | | liens on more than one time-share estate owned by the same person | | are governed by Title 36, section 942-A. |
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| | | Sec. 2. 33 MRSA §593, sub-§5, as amended by PL 2003, c. 229, §1, is | | further amended to read: |
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| | | 5. Escrow account. If the managing entity collects money for | | taxes, it shall maintain an escrow account with a financial | | institution licensed by the State, and deposit any money | | collected or received for taxes in the escrow account within 10 | | days after collection or receipt. The escrow account must be | | established in the names of both the managing entity and the |
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