Sec. 1. 36 MRSA §655, sub-§1, ¶P, as amended by PL 1997, c. 24, Pt. U, §1, is further amended to read:

P. All items of individually owned personal property with a just value of less than $1,000, except:

(1) Items used for industrial or commercial purposes; and

(2) Vehicles and camp trailers as defined in section 1481 not subject to an excise tax; and

SUMMARY

Current law provides an exemption from taxation by a municipality for personal property valued at less than $1,000. Personal property valued at $1,000 or more is subject to taxation at the same mil rate imposed by the municipality on real property.

This bill extends the exemption from municipal taxation to all personal property.