132nd MAINE LEGISLATURE
		LD 140		LR 354(02)
	An Act to Incrementally Increase the Homestead Property Tax Exemption
	Fiscal Note for Bill as Amended by Committee Amendment " "
	Committee: Taxation
	Fiscal Note Required: Yes
Fiscal Note
			FY 2025-26	FY 2026-27	Projections  FY 2027-28	Projections  FY 2028-29
Net Cost (Savings)
	General Fund		$47,640	$14,025,000	$33,120,000	$52,790,000
Appropriations/Allocations
	General Fund		$47,640	$14,025,000	$33,120,000	$52,790,000
Fiscal Detail and Notes
	This bill includes General Fund appropriations to the Bureau of Revenue Services within the Department of Financial and Administrative Services of $47,640 in fiscal year 2025-26 and $14,025,000 in fiscal year 2026-27 to provide funding for increased homestead property tax exemption reimbursements to municipalities starting with the property tax year beginning April 1, 2026 and to provide one-time funding for necessary computer programming costs. This bill increases the additional homestead property tax exemption amount by $5,000 each year starting with the property tax year beginning April 1, 2026 until the additional homestead property tax exemption amount is $50,000. In subsequent years, the additional homestead property tax exemption amount will be indexed to inflation.