Sec. 5. 36 MRSA §6207, sub-§5 is enacted to read:

5.__Maximum benefit.__Notwithstanding any provision of this chapter to the contrary, the maximum benefit available under this program is:

A.__Until January 1, 2004, $1,000;

B.__Beginning January 1, 2004 until December 31, 2004, $1,500;

C.__Beginning January 1, 2005 until December 31, 2005, $1,750;

D.__Beginning January 1, 2006 until December 31, 2006, $2,000;

E.__Beginning January 1, 2007 until December 31, 2007, $2,250;

F.__Beginning January 1, 2008 until December 31, 2008, $2,500;

G.__Beginning January 1, 2009 until December 31, 2009, $2,750; and

H.__Beginning January 1, 2010 and thereafter, $3,000.

SUMMARY

The purpose of this bill is to provide property tax relief to Maine resident homeowners. This would be accomplished through 3 methods, as follows.

1. Expanded circuit breaker eligibility. This bill expands the income eligibility for participation in the Maine Residents Property Tax Program, more commonly known as the "circuit breaker program." A single-member household with household income less than $59,100 and households with 2 or more members with a household income less than $90,100 are eligible for a benefit.

2. Increased amount of benefit. The maximum benefit under the circuit breaker program is increased from the present maximum of $1,000 to $1,500 beginning in 2004, and increasing $250 each year until 2010, when the maximum benefit is set at $3,000.