Sec. 5. Application. This Act applies to property tax years beginning on or after April 1, 2005.

SUMMARY

This bill allows residents of a residential cooperative who are shareholders in that cooperative to participate in the Maine resident homestead property tax exemption program. The amount of the exemption is limited to the number of units in the cooperative occupied by persons who would otherwise qualify for the homestead property tax exemption if they owned property currently qualifying as a homestead.