An Act To Replace Municipal Property Tax Revenue Lost Due to Land Acquisitions under the Land for Maine's Future Fund

Sec. 1. 5 MRSA §6212  is enacted to read:

§ 6212.  Reimburse municipalities for lost property tax revenue

If an acquisition under this chapter removes a taxable property from the tax roll of a municipality or the unorganized territory on or after April 1, 2018, the State annually shall reimburse the municipality or the unorganized territory in an amount equal to the tax the municipality or unorganized territory would have received for that property under Title 36, Part 2.

summary

This bill requires that if a Land for Maine's Future acquisition removes a taxable property from the tax roll of a municipality or the unorganized territory on or after April 1, 2018, the State annually must reimburse the municipality or unorganized territory in an amount equal to the tax the municipality or unorganized territory would have received for that property.