122nd MAINE LEGISLATURE
		LD 1625		LR 2265(02)
	An Act To Fully Fund the Homestead Exemption
	Fiscal Note for Bill as Amended by Committee Amendment "   "
	Committee: Taxation
	Fiscal Note Required: Yes
Fiscal Note
					Projections	Projections
			2005-06	2006-07	2007-08	2008-09
Net Cost (Savings)
	General Fund		$0	$0	($563,048)	($1,135,565)
Appropriations/Allocations
	General Fund		$33,600,000	$0	($563,048)	($1,135,565)
Transfers
	General Fund		$33,600,000	$0	$0	$0
Funded State Mandate
State Mandate
	New or Expanded Activity			Unit Affected	Costs
	Administrative activities associated with changing the property tax valuations determined on April 1, 2005 would represent a mandate.			Municipality	$400,000
Fiscal Detail and Notes
	This bill includes General Fund appropriations of $35,438,172 in fiscal year 2005-06 and $36,267,826 in fiscal year 2006-07 to reimburse municipalities 100% of the cost of the homestead property tax exemption.  It also includes a one-time General Fund appropriation of $400,000 in fiscal year 2005-06 to reimburse municipalities 90% of the estimated administrative costs associated with applying the provisions retroactively to property tax valuations determined on April 1, 2005.  This bill also provides statewide General Fund deappropriations of $2,238,172 in fiscal year 2005-06 and $36,267,826 in fiscal year 2006-07 and a one-time transfer of $33,600,000 in fiscal year 2005-06 from the Maine Budget Stabilization Fund to the unappropriated surplus of the General Fund.