Bill > LD7

This bill increases the homestead property tax exemption for permanent residents of Maine who are 65 years of age or older and have owned and resided in their homestead for at least 10 years. Specifically, the bill raises the tax exemption from $10,000 to $75,000 of the homestead's just value, starting with property tax years beginning on or after April 1, 2025. A homestead is a primary residence that a person owns and lives in, and the term "just value" refers to the fair market value of the property. The bill also updates the state's reimbursement formula to account for the increased exemption, ensuring that municipalities will be compensated for 76% of the taxes lost due to this expanded exemption. This change is designed to provide additional property tax relief for older residents who have maintained long-term homeownership in the state, helping to make housing more affordable for seniors on fixed incomes.

Budget and Finance

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=7&snum=132