| 122nd MAINE LEGISLATURE | |||||||||
| LD 1552 | LR 2205(01) | ||||||||
| An Act To Make Owners of Cooperative Housing Eligible for the Homestead Exemption | |||||||||
| Fiscal Note for Original Bill | |||||||||
| Sponsor: Rep. Crosby of Topsham | |||||||||
| Committee: Taxation | |||||||||
| Fiscal Note Required: Yes | |||||||||
| Fiscal Note | |||||||||
| Current Cost - State Mandate | |||||||||
| State Mandate | |||||||||
| New or Expanded Activity | Unit Affected | Costs | |||||||
| Administrative costs associated with the calculation of the exemption amount for cooperative housing corporation property | Municipality | Significant | |||||||
| Projections | Projections | ||||||||
| 2005-06 | 2006-07 | 2007-08 | 2008-09 | ||||||
| Net Cost (Savings) | |||||||||
| General Fund | $0 | $290,000 | $290,000 | $290,000 | |||||
| Appropriations/Allocations | |||||||||
| General Fund | $0 | $290,000 | $290,000 | $290,000 | |||||
| Fiscal Detail and Notes | |||||||||
| The additional cost to reimburse municipalities for 50% of the revenue loss associated with the increase in exempt property is estimated to be $290,000 annually, beginning in fiscal year 2006-07 based on an April 1, 2006 application date. The 50% funding requirement is in addition to the state mandate described above. | |||||||||