This bill provides additional state-municipal revenue sharing to a municipality that has adopted and implemented a program to impose limits of increases of no more than 2% annually on the imposition of property taxes on residents who are at least 65 years of age and who qualify for the Maine resident homestead property tax exemption. The amount of the additional distribution is 20% of the amount that the municipality would receive before the additional distribution.

Statutes affected:
Bill Text LD 1798, SP 699: 30-A.5681