The legislature enacted a homestead exemption in 1998 for all Maine residents. Homeowner, whose permanent place of residence is in Maine, is entitled to a reduction in valuation. In order to qualify, you must have owned a home in Maine for the past 12 months prior to April 1 and declare this address as your permanent place of residence.
Once the application is filed, the exemption remains until the owner sells or changes their place of legal residence.
The exemption is $10,000. This amount is deducted from your total taxable assessment.