An Act To Restore Equity in Revenue Sharing
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 30-A MRSA §5681, sub-§2, ¶E, as amended by PL 2007, c. 662, §1, is further amended to read:
E. "Disproportionate tax burden" means the total real and personal property taxes assessed in the municipal fiscal year pertaining to the latest state valuation, except the taxes assessed on captured value within a tax increment financing district, divided by the latest state valuation certified to the Secretary of State and reduced by .01 the statewide average property tax rate.
Sec. 2. 30-A MRSA §5681, sub-§2, ¶F is enacted to read:
F. "Statewide average property tax rate" means the total real and personal property taxes assessed in all municipalities in the municipal fiscal year pertaining to the latest state valuation, except the taxes assessed on captured value within a tax increment financing district, divided by the total latest state valuation certified to the Secretary of State.
summary
This bill changes the distribution of revenue-sharing funds from the Disproportionate Tax Burden Fund, commonly referred to as "revenue sharing 2," from municipalities with an equalized property tax rate exceeding 10 mills to municipalities with an equalized property tax rate exceeding the statewide average property tax rate.