| | | Be it enacted by the People of the State of Maine as follows: |
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| | | This bill is a concept draft pursuant to Joint Rule 208. |
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| | | This bill proposes to cap the mill rate on property taxes | | earmarked for education at 4 mills for primary residences and | | business properties. The revenues lost by implementing this | | change would be made up by the following: |
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| | | 1. By increasing the sales tax and eliminating selected | | exemptions as recommended by the Joint Standing Committee on | | Taxation; or |
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| | | 2. By an alternative plan to be recommended by the Joint | | Standing Committee on Taxation. |
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| | | This change would affect only primary residences and business | | properties. All other real estate holdings would be subject to | | the current tax rate. |
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| | | This bill will be phased in over a 3-year period by decreasing | | the property tax rate 1/3 of its present rate each year for 3 | | years. |
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| | | The intent of this bill is to equalize the levy of property | | taxes, sales taxes and the personal income tax. |
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