| | | 3. Primary residential property. "Primary residential | | property" means any residential property in this State | | assessed as real property owned by a resident of the property | | or held in a revocable living trust for the benefit of a | | resident and occupied by that resident as the resident's | | permanent residence.__"Primary residential property" does not | | include any real property used solely for commercial, | | agricultural or industrial purposes. |
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| | | 4.__Secondary residential property.__"Secondary residential | | property" means noncommercial residential property that is not | | a permanent residence. |
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| | | §522. Maximum mill rates established |
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| | | With respect to the assessment of any property taxes for a | | property tax year beginning on or after April 1, 2004, the | | maximum property tax rate that may be applied to the value of | | the following classes of property for the purpose of funding | | public education from kindergarten to grade 12 is provided in | | this section.__For a municipality that assesses property at a | | percentage other than 100% of just value, the maximum mill | | rates established by this section must be adjusted, in the | | process of assessment and prior to commitment, to the mill | | rate that generates the equivalent revenue that would be | | collected if the municipality were assessing property at 100% | | of just value. |
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| | | 1.__Class A property.__For secondary residential property, | | which may be referred to as "Class A property," the maximum | | mill rate is 12 mills.__Mill rates applied under this | | subsection to Class A property may not exceed the mill rate | | applied to Class B property unless the mill rate applied to | | Class B property has reached the maximum permitted for that | | class. |
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| | | 2.__Class B property.__For property other than that listed | | in subsection 1, which may be referred to as "Class B | | property," the maximum mill rate is 4 mills. |
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| | | §523. Exceeding mill rate limits; referendum process |
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| | | The legislative body of a school administrative unit, as | | defined in Title 20-A, section 1, subsection 26, may act by | | voting to adopt a school budget, undertake a school | | construction project or otherwise obligate itself to | | educational expenditures in such a manner and to such a degree | | so as to require the application of property tax rates that | | exceed the limits established by section 522 if that action is | | approved by the voters of the school administrative unit by | | referendum or the referendum validation process authorized by | | Title 20-A, sections 1305-B and 1701-B, and the voters are | | properly notified as required by Title 20-A, section 15617 or | | Title 30-A, section 2523, or 2551, as applicable. |
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