LD 1857
pg. 1
LD 1857 Title Page An Act To Clarify Municipal Valuations of Resort Property Page 2 of 2
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LR 2686
Item 1

 
Be it enacted by the People of the State of Maine as follows:

 
Sec. 1. 33 MRSA §593, sub-§2, as amended by PL 1987, c. 358, §1, is
repealed and the following enacted in its place:

 
2.__Time-share estates taxed proportionately as residential
condominium units.__Each time-share estate constitutes for all
purposes a separate estate in real property, except that a
municipality shall assess property tax only on the real property
value of the time-share estate.__For this purpose, a municipality
shall assess property tax on each unit in which time-share
estates have been created in the same manner as if it were a
residential condominium unit owned by a single taxpayer.__The
managing entity shall divide the tax assessment proportionately
among the individual time-share estates based on the method by
which costs are allocated to them under the project instrument.__
Each time-share owner shall pay the real estate tax assessed
against that owner's time-share estate.__No later than January
31st of each year, the managing entity shall certify to the tax
collector of the municipality in which the time-share property is
located the names and addresses of the time-share owners, the
units to which their time-share estates pertain and their
respective percentages for sharing in the payment of the taxes
assessed against the time-share property.

 
Sec. 2. 33 MRSA §593, sub-§4, as amended by PL 1991, c. 197, §1, is
repealed and the following enacted in its place:

 
4.__Receipt of tax bills; collection of money for taxes.__Each
municipality shall deliver to the managing entity of a time-share
property the bills for taxes assessed against units in which
time-share estates have been created.__The managing entity shall
act as agent on behalf of the time-share owners for the purposes
of receiving the tax bills and collecting money for taxes from
those owners.__The managing entity shall maintain an escrow
account and pay the taxes as provided in subsection 5.

 
Sec. 3. 33 MRSA §593, sub-§5, as amended by PL 2003, c. 229, §1, is
repealed and the following enacted in its place:

 
5.__Escrow account.__The managing entity shall maintain an
escrow account with a financial institution licensed by the State
and deposit any money collected for taxes in the escrow account
within 10 days after collection.__The escrow account must be
established in the names of both the managing entity and the
municipality in which the time-share property is located.__A
withdrawal may not be made from the escrow account without the
written agreement of the municipality.


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