121st Maine Legislature
		Office of Fiscal and Program Review
		LD 1735
		An Act To Repeal the Taxation of Personal Property Valued at $1,000 or More
		LR 2285(01)
		Fiscal Note for Original Bill
		Sponsor: Rep. Barstow of Gorham
		Committee: Taxation
		Fiscal Note Required: Yes
Fiscal Note
Current Cost - State Mandate
State Mandate
	New or Expanded Activity			Unit Affected	Costs
	Administrative activities and expenses associated with extending the personal property tax exemption.			Municipality	Insignificant
Fiscal Detail and Notes
	General fund appropriations will be required to reimburse municipalities for at least 50% of the property tax revenue that is lost as a result of the exemptions contained in this bill.  The amount required can not be determined at this time and will depend on specific definitions that are intended.  This is in addition to the state mandate created by the minor administrative responsibilities at the local level associated with extending the exemption.