LD1304

Proposing a constitutional amendment to limit property tax increases to 2% annually for residents aged 65 and older.

This resolution proposes an amendment to the Constitution of Maine to limit property tax increases to 2% annually for individuals aged 65 and older who own and occupy their primary residence. If the property is transferred to someone other than a family member, it assumes the just value at the time of transfer. The state is required to reimburse municipalities for at least 90% of the lost revenue using revenue from a 2% tax on lottery tickets and sports betting. The amendment requires approval by two-thirds of each branch of the Legislature and a majority vote in a statewide election.