CHAPTER 607

H.P. 1297 - L.D. 1857

An Act Relating to the Assessment of Property Taxes on

Time-share Property

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 further amended to read:

2. Time-share estates as separate estates. Each time-share estate constitutes for all purposes a separate estate in real property. Each time-share estate shall must be separately assessed and taxed. In addition to other factors relevant to the valuation of a time-share estate considered by the assessor, the assessor may consider the real property value of the time-share estate declared in the declaration of value, if any, submitted under Title 36, section 4641-D. The filing and discharge of tax liens on more than one time-share estate owned by the same person are governed by Title 36, section 942-A.

Sec. 2. 33 MRSA §593, sub-§5, as amended by PL 2003, c. 229, §1, is further amended to read:

5. Escrow account. If the managing entity collects money for taxes, it shall maintain an escrow account with a financial institution licensed by the State, and deposit any money collected or received for taxes in the escrow account within 10 days after collection or receipt. The escrow account must be established in the names of both the managing entity and the