Sec. 3. 36 MRSA §681, sub-§5 is enacted to read:

5.__Qualifying shareholder.__"Qualifying shareholder" means a person who is a:

A.__Shareholder in a cooperative housing corporation that owns a homestead in this State;

B.__Shareholder for the preceding 12 months in the cooperative housing corporation specified in paragraph A; and

C.__Permanent resident of this State.

Sec. 4. 36 MRSA §683, sub-§5 is enacted to read:

5.__Determination of exemption for cooperative housing corporation.__A cooperative housing corporation may apply for an exemption under this subchapter to be applied against the valuation of property of the corporation that is occupied by qualifying shareholders.__The application must include a list of all qualifying shareholders and must be updated annually to reflect changes in the ownership and residency of qualifying shareholders.__The exemption is equal to the amount specified in subsection 1 multiplied by the number of units in the cooperative property occupied by qualifying shareholders.__A cooperative housing corporation that receives an exemption pursuant to this section shall apportion the property tax reduction resulting from the exemption among the qualifying shareholders on a per unit basis.__Any supplemental assessment resulting from disqualification for exemption must be applied in the same manner against the qualifying shareholders for whom the disqualification applies.

Sec. 5. Application. This Act applies to property tax years beginning on or after April 1, 2007.