Bill > LD264

This bill removes the existing 12-month waiting period for Maine residents to qualify for the homestead property tax exemption. Currently, property owners must own their home in Maine for 12 months before being eligible for a $10,000 property tax exemption, but this legislation would allow new homeowners to immediately claim the exemption upon establishing permanent residency. The bill specifically modifies two sections of Maine's tax code (36 MRSA §681 and §683) by eliminating language that previously required shareholders in cooperative housing and homeowners to have owned their property for 12 consecutive months before qualifying. The exemption remains $10,000 and is still limited to permanent residents of Maine, but now provides more immediate tax relief for new homeowners. This change could help make homeownership more affordable and attractive for people moving to Maine by allowing them to benefit from the property tax reduction immediately upon establishing residency.

Budget and Finance

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=264&snum=132