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ME LD149
ME LD149An Act to Amend the Definition of "Homestead" Under the Homestead Property Tax Exemption Laws
summary
Introduced
01/10/2023
01/10/2023
In Committee
01/10/2023
01/10/2023
Crossed Over
Passed
Dead
04/13/2023
04/13/2023
Introduced Session
131st Legislature
Bill Summary
Current law provides that one of the qualifications of a homestead for the homestead property tax exemption is that real property held in trust must be in a revocable living trust. This bill removes the requirement that the living trust be revocable.
AI Summary
This bill amends the definition of "homestead" under Maine's homestead property tax exemption laws. It removes the requirement that real property held in a living trust must be in a revocable living trust to qualify for the homestead exemption. Now, any residential property owned by the applicant or held in a living trust for the applicant's benefit and occupied as the applicant's permanent residence will qualify, regardless of whether the living trust is revocable or not.
Committee Categories
Budget and Finance
Sponsors (4)
Last Action
Ought Not to Pass Pursuant To Joint Rule 310, Apr 13, 2023 (on 04/13/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://legislature.maine.gov/legis/bills/display_ps.asp?LD=149&snum=131 |
| BillText | https://legislature.maine.gov/legis/bills/getPDF.asp?paper=SP0078&item=1&snum=131 |
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