State
Revenue Sharing figure estimates
are usually issued annually after
July 1st. For more information,
contact the State Treasury Department
at 624-7477.
Spreadsheets
of estimates and monthly distributions
of Municipal
Revenue Sharing are linked from
MMA's Tax Data & Resources
page.
What
can municipalities expect to
receive? An estimate of state
revenue from income & sales
tax is projected and each municipality
gets a percentage based upon
the above formulas. Amounts
received vary each month based
upon revenue, and the total
amount is only an estimate and
can be revised.
The
amount of revenue per community
is figured using the following
formula:
First
Step: municipality's population*
x municipality's tax commitment
/ municipality's state valuation
= individual municipality's
figure
*
Population figures used are
current estimates from the
Maine Department of Human
Services.
Second
Step: All individual
municipalities'
figures reached in the
First
Step are totaled. The
percentage
of the individual municipality's
figure to the total is
reached
through the following
formula:
individual
municipality's figure
/ all
individual municipalities'
figures totaled = the
percentage of the individual
municipality's
figure to the total
Third
Step: 5.1% of all state
income
and sales tax revenues
is dedicated
to state revenue sharing
(approximately
$70 - $80 million annually).
The percentage reached
in the Second Step is
the respective
municipality's percentage
of each monthly distribution
of revenue sharing.
