124th MAINE LEGISLATURE
		LD 71		LR 217(02)
	An Act To Raise the Property Tax Exemption for Veterans
	Fiscal Note for Bill as Amended by Committee Amendment "   "
	Committee: Taxation
	Fiscal Note Required: Yes
Fiscal Note
State Mandate - Unfunded
			2009-10	2010-11	Projections 2011-12	Projections 2012-13
Net Cost (Savings)
	General Fund		$0	$0	$95,558	$207,899
Appropriations/Allocations
	General Fund		$0	$0	$95,558	$207,899
State Mandates
	Required Activity				Unit Affected	Local Cost
	Modifications of the local property tax record.				Municipality	Insignificant statewide
	The required local activities in this bill may represent a State mandate pursuant to the Constitution of Maine.  Unless General Fund appropriations are provided to fund at least 90% of the additional costs or a Mandate Preamble is amended to the bill and two-thirds of the members of each House vote to exempt this mandate from the funding requirement, municipalities may not be required to implement these changes.
Fiscal Detail and Notes
	This bill includes an annual 5% increase in the amount of the veteran's property tax exemption, which is currently $6000.  Constitutionally, the state is required to reimburse municipalities 50% of the property tax collections lost to municipalities.  Maine Revenue Services will require future appropriations beginning in fiscal year 2011-12 for 50% of the increase in the veteran's property tax exemption.