LD1, which was passed in January by the Legislature:

• Phased in over four years 55 percent state funding for Maine’s K-12 public schools;

• Increased and changed Homestead Exemption to a flat $13,000 reduction in the assessed value of a primary residence, for municipal tax purposes;

• Imposed limits on municipal, school, county and state spending;

• Changed the formula for calculating municipal revenue sharing;

• Provided fiscal incentives for regionalizing local services; and

• Expanded the “Circuit Breaker” program, which refunds money to homeowners and renters who pay more than a certain percentage of their income on property taxes or rent.