Sec. 1. 36 MRSA §383, sub-§4, as enacted by PL 1999, c. 487, §1, is amended to read:

4. Penalty for late filing. If the complete return and lists required by this section are not filed on time, the State Tax Assessor shall impose a penalty to be deducted from any state reimbursement due to the municipality or primary assessing area under section 578. For a municipality or primary assessing area with a population of 2,000 or less, the penalty is $50 for the first late day plus $10 for each late day thereafter. For a municipality or primary assessing area with a population of more than 2,000, the penalty is $100 for the first late day plus $20 for each late day thereafter. The penalty may not exceed the total amount of reimbursement due the municipality or primary assessing area under section 578.

SUMMARY

This bill provides that the penalty for filing a municipal valuation return late may be deducted from any state reimbursement due the municipality or primary assessing area.