LD1885

Establishes a statewide property tax on second homes to fund education, early childhood programs, and the Land for Maine's Future Trust Fund.

This bill creates a statewide property tax on real estate, including second homes, to generate revenue for education, early childhood programs, and the Land for Maine's Future Trust Fund. The tax is assessed at a rate of mills of the assessed value of taxable real estate. Homesteads eligible for the Maine homestead property tax exemption are exempt from the tax up to a value of $1,000,000. The revenue is distributed as follows: 50% to the Fund for Essential Programs and Services, 40% to the Early Childhood Education Fund, and 10% to the Land for Maine's Future Trust Fund.