Resolution, Proposing An Amendment To The Constitution Of Maine To Limit Property Tax Increases For Individuals 65 Years Of Age Or Older And Shift The Tax Burden To State Gaming Revenues

This bill proposes a constitutional amendment to cap annual property tax increases at 2% for Maine residents aged 65 or older who own and occupy their primary residence for at least 12 months. It would require the state to reimburse municipalities for revenue lost due to this cap using 90% of revenue from a 2% tax on lottery tickets and sports betting. The amendment would apply only to primary residences owned by seniors and would end the tax cap if the property is sold to someone outside the owner's immediate family. The proposal must be approved by voters in a statewide referendum before becoming part of Maine's Constitution.