An Act Regarding Property Taxes in the Unorganized Territories

Sec. 1. 36 MRSA §302,  as amended by PL 1997, c. 526, §14, is further amended to read:

§ 302. Unorganized territories

The Bureau of Revenue Services shall be is responsible for the performance of the assessing function in the unorganized territory of the State and this territory shall constitute constitutes a single primary assessing unit. If an assessment would increase the assessed value of a parcel of land by more than 25% of its previously assessed value in one year, the increased assessment must be phased in so that the assessed value of a parcel of land increases by no more than 25% in a single year.

summary

This bill provides that an increase in the assessed value of a parcel of land in the unorganized territory that exceeds 25% of its previously assessed value must be phased in so that the assessed value of a parcel of land increases by no more than 25% in a single year.