LD 1
pg. 15
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LR 328
Item 1

 
based on data from the United States Department of Commerce,
Census Bureau and Bureau of Economic Analysis.

 
2.__Property tax levy limit.__Except as otherwise provided in
this section, a municipality may not in any year adopt a property
tax levy that exceeds the property tax levy limit established in
this subsection.

 
A.__The property tax levy limit for the first fiscal year
for which this section is effective is the property tax levy
for the municipality for the immediately preceding fiscal
year multiplied by one plus the growth limitation factor
pursuant to subsection 3.

 
B.__The property tax levy limit for subsequent fiscal years
is the property tax levy limit for the preceding year
multiplied by the growth limitation factor pursuant to
subsection 3.

 
C.__If a previous year's property tax levy reflects the
effect of extraordinary, nonrecurring events, the
municipality may submit a written notice to the State Tax
Assessor requesting an adjustment in its property tax levy
limit.

 
3.__Growth limitation factor.__The growth limitation factor is
calculated as follows.

 
A.__For__fiscal years when the State Tax Assessor has
determined that the state and local tax burden ranks in the
highest 1/3 of all states, the growth limitation factor is
average real personal income growth but no more than 2.75%,
plus the property growth factor.

 
B.__For fiscal years when the state and local tax burden
ranks in the middle 1/3 of all states, as determined by the
State Tax Assessor, the growth limitation factor is the
average real personal income growth plus forecasted
inflation plus the property growth factor.

 
4.__Adjustment for new state funding.__If__the State provides
net new funding to a municipality for existing services funded in
whole or in part by the property tax levy, other than required
state mandate funds pursuant to section 5685 that do not displace
current property tax expenditures, the municipality shall lower
its property tax levy limit in that year in an amount equal to
the net new funds.__For purposes of this subsection, "net new
funds" means the amount of funds received by the municipality
from the State in that fiscal year, with respect to services
funded in whole or in part by the property tax levy,


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