LD1729

Increases the rate of reimbursement to municipalities for revenue lost due to the Maine resident homestead property tax exemption.

This bill increases the reimbursement rate by the State to municipalities for revenue lost as a result of the Maine resident homestead property tax exemption. The reimbursement rate will increase by percentage points each year, starting in 2026, until it reaches 100%. The current reimbursement rate is 76%. This change aims to fully compensate municipalities for the lost revenue caused by the property tax exemption.