| 122nd MAINE LEGISLATURE | |||||||||
| LD 1625 | LR 2265(01) | ||||||||
| An Act To Fully Fund the Homestead Exemption | |||||||||
| Fiscal Note for Original Bill | |||||||||
| Sponsor: Sen. Cowger of Kennebec | |||||||||
| Committee: Taxation | |||||||||
| Fiscal Note Required: Yes | |||||||||
| Fiscal Note | |||||||||
| Projections | Projections | ||||||||
| 2005-06 | 2006-07 | 2007-08 | 2008-09 | ||||||
| Net Cost (Savings) | |||||||||
| General Fund | $35,838,172 | $36,267,826 | $36,430,135 | $36,597,481 | |||||
| Appropriations/Allocations | |||||||||
| General Fund | $35,838,172 | $36,267,826 | $36,430,135 | $36,597,481 | |||||
| Current Cost - State Mandate | |||||||||
| State Mandate | |||||||||
| New or Expanded Activity | Unit Affected | Costs | |||||||
| Administrative activities associated with changing the property tax valuations determined on April 1, 2005 would represent a mandate. | Municipality | $400,000 | |||||||
| Fiscal Detail and Notes | |||||||||
| This bill includes General Fund appropriations of $35,438,172 in fiscal year 2005-06 and $36,267,826 in fiscal year 2006-07 to reimburse municipalities 100% of the cost of the homestead property tax exemption. Maine Revenue Services will also require a General Fund appropriation of $400,000 in fiscal year 2005-06 to reimburse municipalities 90% of the estimated cost of the mandated administrative activities. | |||||||||