An Act To Provide For An Alternative Municipal Property Tax Assessment Rate

LD 1464 allows Maine municipalities to adopt a new property tax assessment method that separates land and building values for taxation. Under this bill, local assessors may apply different tax rates to land (category A) and to buildings or improvements (category B), while requiring equal application of these rates across each municipality's primary assessing area. This change does not affect existing tax relief programs for property owners. The new assessment method will take effect for property tax years beginning April 1, 2026, and applies to all municipalities choosing to implement it.