Bill
Bill > LD658
summary
Introduced
02/20/2025
02/20/2025
In Committee
02/20/2025
02/20/2025
Crossed Over
Passed
Dead
04/08/2025
04/08/2025
Introduced Session
132nd Legislature
Bill Summary
This bill increases the property tax exemption for a homestead from $25,000 to $50,000 of the just value of the homestead for property tax years beginning on or after April 1, 2025.
AI Summary
This bill increases the homestead property tax exemption in Maine by raising the additional exemption from $15,000 to $40,000 for property tax years beginning on or after April 1, 2025. A homestead is typically a primary residence that a homeowner occupies as their main home, and the "just value" refers to the fair market value of the property. The bill amends an existing law that has gradually increased the homestead property tax exemption over the years, with previous increases from $5,000 in 2016 to $15,000 in 2020. By raising the exemption to $40,000, the bill aims to provide homeowners with a larger tax break, effectively lowering the amount of property taxes they must pay by reducing the taxable value of their primary residence. This change could help make homeownership more affordable for residents by decreasing their annual property tax burden.
Committee Categories
Budget and Finance
Sponsors (10)
Billy Bob Faulkingham (R)*,
Barbara Bagshaw (R),
Bruce Bickford (R),
John Eder (R),
Randall Greenwood (R),
Abigail Griffin (R),
Sheila Lyman (R),
Wayne Parry (R),
Shelley Rudnicki (R),
Katrina Smith (R),
Last Action
Ought Not to Pass Pursuant To Joint Rule 310, Apr 8, 2025 (on 04/08/2025)
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=658&snum=132 |
| Fiscal Note: Text | https://legislature.maine.gov/legis/bills/bills_132nd/fiscalpdfs/FN065801.pdf |
| BillText | https://legislature.maine.gov/legis/bills/getPDF.asp?paper=HP0426&item=1&snum=132 |
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