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| 3. Statewide real property tax. To fund the increased |
| eligibility and benefits under the circuit breaker program, this |
| bill imposes a statewide tax on real property. The State Tax |
| Assessor would administer the tax. The rate is set at 4 mills |
| of the just value beginning in 2004 and increases by one mill |
| each year until the mill rate is set at 10 mills beginning in |
| 2010. The first $1,000,000 of just value of a home owned by a |
| resident is exempt from the property tax, similar to the current |
| exemption under the Maine resident homestead property tax |
| exemption program. |
