LD 290 LR 346(01)
An Act To Stabilize Property Taxes for Individuals 65 Years of Age or Older Who Own a Homestead for at Least 10 Years
Preliminary Fiscal Impact Statement for Original Bill
Sponsor: Sen. Stewart of Aroostook
Committee: Taxation
Fiscal Note Required: Yes
Preliminary Fiscal Impact Statement
FY 2021-22 FY 2022-23 Projections  FY 2023-24 Projections  FY 2024-25
Net Cost (Savings)
General Fund $70,824 $2,270,242 $7,041,472 $13,964,315
General Fund $70,824 $2,270,242 $7,041,472 $13,964,315
Fiscal Detail and Notes
The bill stabilizes property taxes for eligible property owners by capping the amount of property taxes at the amount billed when stabilization was first requested.  The Department of Administrative and Financial Services will require a General Fund appropriation of 70,824 in fiscal year 2021-22 and $315,242 in fiscal year 2022-23 for one Property Appraiser, one half-time, temporary Property Appraiser, mandate reimbursement costs and All Other costs to process and audit applications.  The department will also require a General Fund appropriation of $1,955,000 in fiscal year 2022-23 for reimbursement to municipalities for property taxes lost due to the stabilization.