New Law: LD290 An Act to Stabilize Property Taxes for Individuals 65 Years of Age or Older Who Own a Homestead for at Least 10 Years

New Law: LD290 An Act to Stabilize Property Taxes for Individuals 65 Years of Age or Older Who Own a Homestead for at Least 10  Years

The new property freeze is seperate from the state's homestead exemption. The Law does not go into effect until 8/1/2022. We do not have the forms at this time, but the State will have them available on 9/1/2022.

Along with the age requirement, the law requires that applicants must be permanent Maine residents who have owned thier home for at least 10 years and meet the requirements for the homestead exemption.

If a municipality determines an applicant is eligible, it will stabalize the property tax on that homestead for the tax year for which they requested the program.

Municipalities in turn will apply to the state for a reimbursment for taxes based on any increased valuation of that property.

The stabilization is also transferable. An eligible homeowner who sells a home and buys another in Maine can pay thier stabilized property tax amount, and thier new municipality will recieve the same state compensation.

For Applications and More Information Please Visit: https://www.maine.gov/revenue/taxes/tax-relief-credits-programs/property...