131st MAINE LEGISLATURE
		LD 984		LR 1846(01)
	An Act to Expand Access to the Homestead Property Tax Exemption
	Preliminary Fiscal Impact Statement for Original Bill
	Sponsor: Sen. Chipman of Cumberland
	Committee: Taxation
	Fiscal Note Required: Yes
Preliminary Fiscal Impact Statement
			FY 2023-24	FY 2024-25	Projections  FY 2025-26	Projections  FY 2026-27
Net Cost (Savings)
	General Fund		$89,205	$296,431	$360,623	$384,966
Appropriations/Allocations
	General Fund		$89,205	$296,431	$360,623	$384,966
Fiscal Detail and Notes
	This bill expands eligibility for the homestead property tax exemption to include property owned by a limited liability company and occupied as a permanent residence by a member of the limited liability company. The Department of Administrative and Financial Services will require ongoing General Fund Appropriations of $89,205 in fiscal year 2023-24 and $296,431 in fiscal year 2024-2025 to implement the provisions of the bill. This includes funding for one Senior Property Appraiser position beginning October 1, 2023 and for increased reimbursements to municipalities for the homestead property tax exemption beginning in fiscal year 2024-25.