Bill > LD570

This bill introduces an additional homestead property tax exemption of $75,000 for Maine residents, which would increase the total homestead exemption to $100,000 starting from property tax years beginning on April 1, 2026. The additional exemption is tied to the homeowner's federal adjusted gross income (AGI), with different income thresholds based on filing status: married joint filers or surviving spouses can qualify if their AGI is under $200,000, head of household filers if their AGI is under $150,000, and single or married individuals filing separately if their AGI is under $100,000. This targeted approach aims to provide additional property tax relief for lower and middle-income homeowners, helping to make homeownership more affordable for residents with more modest incomes. By setting specific income limits, the bill ensures that the additional tax exemption is directed toward those who may need the financial support most.

Budget and Finance

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=570&snum=132