Bill > LD565

This bill amends Maine's homestead property tax exemption law by removing the requirement that a property held in a living trust must be specifically a "revocable" living trust. Under current law, to qualify for the homestead property tax exemption, real property must be held in a revocable living trust for the benefit of the applicant and serve as their permanent residence. The proposed change would allow properties held in any type of living trust (not just revocable ones) to be eligible for the homestead exemption, as long as the trust benefits the applicant and the property is used as their primary residence. This modification expands the definition of "homestead" to provide more flexibility for property owners who may have their residential property held in different types of trusts, while maintaining the core requirement that the property serves as the applicant's permanent residence and is not used solely for commercial purposes.

Budget and Finance

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=565&snum=132