LD559

Property tax stabilization for senior residents in Maine.

This bill allows a municipality to adopt a property tax stabilization program for senior residents. Eligible individuals must meet age and residency requirements. The municipality can impose a local option sales tax of 1% on prepared food and lodging to fund the program. The revenue from this tax can only be used to offset the loss of property tax revenue due to the stabilization program. The municipality must hold a referendum to impose the sales tax. The bill also includes provisions for the distribution of tax revenue and the repeal of the program.