LD1112

Proposing a Maine constitutional amendment to require 90% state reimbursement for property tax exemptions and set a minimum homestead exemption.

This resolution proposes an amendment to the Maine Constitution to mandate that the Legislature reimburse municipalities for at least 90% of lost property tax revenue due to exemptions on veterans' and legally blind individuals' residential real estate. It also sets a minimum homestead exemption at $50,000, adjusted annually for inflation. The amendment requires the state to distribute at least 5% of sales and income tax revenues to municipalities, with any increase in this percentage also shared. The amendment will be subject to a statewide referendum for voter approval.