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129th MAINE LEGISLATURE |
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LD 560 |
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LR 2224(04) |
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An Act To Improve
Access to Property Tax Exemptions for New Homeowners |
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Fiscal Note for
House Amendment " " to Committee Amendment "A" |
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Sponsor: Rep. Grohoski of Ellsworth |
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Fiscal Note Required: Yes |
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| Fiscal Note |
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FY 2019-20 |
FY 2020-21 |
Projections FY 2021-22 |
Projections FY 2022-23 |
| Net Cost
(Savings) |
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General Fund |
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$0 |
$600,000 |
$810,000 |
$840,000 |
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| Appropriations/Allocations |
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General Fund |
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$0 |
$600,000 |
$810,000 |
$840,000 |
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| Fiscal Detail
and Notes |
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This amendment
increases from 62.5% to 100% the reimbursement rate to municipalities for the
lost property tax revenue for the first year from homeowners who have not
owned a homestead for the preceding 12 months and claim a homestead
exemption. The incremental impact
(shown above) is to increase the General Fund appropriation in the committee
amendment to the Department of Administrative and Financial Services by
$600,000 in fiscal year 2020-21, with a cumulative appropriation for the bill
as amended of $1,600,000 in fiscal year 2020-21. |
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