129th MAINE LEGISLATURE
LD 560 LR 2224(04)
An Act To Improve Access to Property Tax Exemptions for New Homeowners
Fiscal Note for House Amendment " " to Committee Amendment "A"
Sponsor: Rep. Grohoski of Ellsworth
Fiscal Note Required: Yes
             
Fiscal Note
FY 2019-20 FY 2020-21 Projections  FY 2021-22 Projections  FY 2022-23
Net Cost (Savings)
General Fund $0 $600,000 $810,000 $840,000
Appropriations/Allocations
General Fund $0 $600,000 $810,000 $840,000
Fiscal Detail and Notes
This amendment increases from 62.5% to 100% the reimbursement rate to municipalities for the lost property tax revenue for the first year from homeowners who have not owned a homestead for the preceding 12 months and claim a homestead exemption.  The incremental impact (shown above) is to increase the General Fund appropriation in the committee amendment to the Department of Administrative and Financial Services by $600,000 in fiscal year 2020-21, with a cumulative appropriation for the bill as amended of $1,600,000 in fiscal year 2020-21.