The Last Day to Pay Taxes is October 31,2023
Posted on: October 31, 2023 - 10:31am
The last day, October 31,2023, to pay your taxes without interest. Interest starts November 1, 2023.
2023 Tax Updates from the Legislature
- Stabilization Program – The Stabilization program was repealed. The 2023 stabilized taxes, however, will stay in the 2023 commitment book and municipal reimbursement will still be 100% of taxes lost. Municipalities and the Unorganized Territory group will not have to send out supplemental assessments for the 2023 tax year. In addition to repealing the Stabilization program, the Deferred Collection of Homestead Property Taxes (Deferral program) and the Property Tax Fairness Credit will be expanded. Starting with the 2024 tax year, the Deferral program income limit doubles, from $40,000 to $80,000 and the liquid asset limits increase to $100,000 for sole owners and $150,000 for multiple owners of qualified property. The Property Tax Fairness Credit, administered by the Income Tax Division of Maine Revenue Services, will have increased income thresholds and larger maximum benefits.
- Foreclosed Property – Proceeds received by the State or municipalities from sale of all property acquired through foreclosure must be refunded to the original owner, after taxes, interest, fees, and expenses have been subtracted. This change complies with a recent U.S. Supreme Court ruling.
- Farmland Penalty – The recent change to the withdrawal penalty for property in the Farmland program has been reversed. The former penalty calculation will apply to all withdrawals on October 25, 2023 and after.