LD542

Establishes municipal property tax levy limits and allows for those limits to be exceeded only under certain circumstances.

The bill sets municipal property tax levy limits and allows for those limits to be exceeded only under specific circumstances. The property tax levy limit is calculated based on the previous year's levy, adjusted by a growth limitation factor. The growth limitation factor is the average personal income growth plus the property growth factor. The bill allows for exceeding the property tax levy limit only in cases of extraordinary circumstances, such as natural disasters, unfunded mandates, or court orders.