An Act To Amend the Laws Governing the Limitation on County Assessments
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 30-A MRSA §706-A, sub-§1, ¶D, as amended by PL 2007, c. 653, Pt. A, §10, is further amended to read:
D. "Property growth factor" means the percentage equivalent to a fraction, whose denominator is the total of the 2nd most recently certified state valuation of all municipalities, plantations and unorganized territory in the county, and whose numerator is the amount of increase in the assessed valuation of any real or personal property in those jurisdictions that became subject to taxation for the first time, or taxed as a separate parcel for the first time for the most recent property tax year for which information is available, or that has had an increase in its assessed valuation over the prior year's valuation as a result of improvements to or expansion of the property difference between the most recently certified state valuation of all municipalities, plantations and unorganized territory in the county and the 2nd most recently certified state valuation of all municipalities, plantations and unorganized territory in the county. The State Tax Assessor shall provide to the counties forms and a methodology for the calculation of the property growth factor, and the counties shall use those forms and the methodology to establish the property growth factor.
summary
This bill changes the definition of "property growth factor," which is integral in the calculation of a county's annual assessment limitation, in the laws governing the limitation on county assessments.
The revised definition uses state valuation data in determining the property growth factor, rather than relying on municipal reporting of data based on the assessed valuation of real and personal property.