122nd MAINE LEGISLATURE
		LD 1552		LR 2205(04)
	An Act To Make Owners of Cooperative Housing Eligible for the Homestead Exemption
	Fiscal Note for Senate Amendment "   " to Committee Amendment "A"
	Sponsor: Sen. Rotundo
	Fiscal Note Required: Yes
Fiscal Note
Exempted State Mandate
					Projections	Projections
			2005-06	2006-07	2007-08	2008-09
Net Cost (Savings)
	General Fund		$0	($290,000)	($40,000)	($40,000)
Appropriations/Allocations
	General Fund		$0	($290,000)	($40,000)	($40,000)
State Mandate
	New or Expanded Activity				Unit Affected	Costs
	Administrative activity associated with the calculation of the exemption amount for cooperative housing corporation property is a state mandate. Pursuant to the Mandate Preamble, the two-thirds vote of all members elected to each House exempts the State from the constitutional requirement to fund 90% of the additional local costs.				Municipality	Insignificant
Fiscal Detail and Notes
	This amendment reduces the General Fund cost of Committee "A" by $290,000 in fiscal year 2006-07.  The revised estimate of the additional cost to reimburse municipalities for 50% of the revenue loss associated with the increase in exempt property is now projected to be $250,000 annually, beginning in fiscal year 2007-08 based on an April 1, 2007 application date.