130th MAINE LEGISLATURE
LD 708 LR 221(02)
An Act To Increase the Homestead Exemption to $50,000
Fiscal Note for Bill as Amended by Committee Amendment " "
Committee: Taxation
Fiscal Note Required: Yes
             
Fiscal Note
FY 2021-22 FY 2022-23 Projections  FY 2023-24 Projections  FY 2024-25
Net Cost (Savings)
General Fund $102,211,052 $136,601,077 $138,775,667 $141,574,404
Appropriations/Allocations
General Fund $102,211,052 $136,601,077 $138,775,667 $141,574,404
Fiscal Detail and Notes
The bill includes a General Fund appropriation to the Department of Administrative and Financial Services of $102,211,052 in fiscal year 2021-22 and $136,601,077 in fiscal year 2022-23 to increase the homestead property tax exemption from $25,000 to $50,000 and the reimbursement rate from 70% to 85% beginning April 1, 2021.