| SP0433 LD 1401 |
First Regular Session - 125th Maine Legislature |
LR 830 Item 1 |
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| Bill Tracking, Additional Documents | Chamber Status | ||
RESOLUTION, Proposing an Amendment to the Constitution of Maine To Restrict Property Revaluations
Constitutional amendment. Resolved: Two thirds of each branch of the Legislature concurring, that the following amendment to the Constitution of Maine be proposed:
Constitution, Art. IX, §7 is repealed and the following enacted in its place:
Section 7. Valuation. The valuation of real property is controlled by this section.
1. Change in valuation of real property. A municipality may change the valuation of real property, including any buildings on that real property, only upon a change in ownership, a change in the use of the land or an expansion of the use of the land to increase income. An increase in valuation due to the expansion of land use to increase income is limited to the investment amount of the improvements.
A change in valuation pursuant to this subsection is limited to the greater of:
2. Equalized just value. The equalized just value of a municipality must be set at 100%.
Constitution, Art. IX, §8, first ¶ is amended to read:
Section 8. Taxation. All taxes upon real and personal estate, assessed by authority of this State, shall be apportioned and assessed equally according to the just value thereof , except as provided in section 7.
Constitution, Art. IX, §8, sub-§6 is enacted to read:
6. Taxation of change in value; paid by seller; use. The Legislature, by proper enactment, shall provide that when a change in valuation occurs pursuant to section 7, the change is subject to the real estate transfer tax, if any. The tax must be paid solely by the seller, allocated to the municipality in which the property is located and used by that municipality only for property tax relief.
"Do you favor amending the Constitution of Maine to:
The legal voters of each city, town and plantation shall vote by ballot on this question and designate their choice by a cross or check mark placed within the corresponding square below the word "Yes" or "No." The ballots must be received, sorted, counted and declared in open ward, town and plantation meetings and returns made to the Secretary of State in the same manner as votes for members of the Legislature. The Governor shall review the returns. If it appears that a majority of the legal votes are cast in favor of the amendment, the Governor shall proclaim that fact without delay and the amendment becomes part of the Constitution of Maine on the date of the proclamation; and be it further
Secretary of State shall prepare ballots. Resolved: That the Secretary of State shall prepare and furnish to each city, town and plantation all ballots, returns and copies of this resolution necessary to carry out the purposes of this referendum.
SUMMARY
This resolution proposes to amend the Constitution of Maine to:
1. Allow for the change in valuation of real property and the buildings on that real property only upon a change in ownership, a change in type of land use or the expansion of the land use to increase income;
2. Limit the change in valuation to the greater of the just value and the appraised just value of the taxable real property as may be required by the local tax assessor;
3. Require the equalized just value of a municipality to equal 100%; and
4. Require that the change in value be subject to the real estate transfer tax, which must be paid solely by the seller if there is a change in ownership, or by the owner if there is a change or expansion in land use, and require that the tax be paid to the municipality and used only for the purpose of property tax relief.