Bill > LD934

Introduced Session

Under the Maine resident homestead property tax exemption, an eligible homestead is entitled to an exemption of $25,000 of the just value of the homestead. The actual amount of the exemption is based on the certified assessment ratio provided by a municipality to the Department of Administrative and Financial Services, Bureau of Revenue Services. Unless the municipality has a certified assessment ratio of 100%, the exemption amount is less than $25,000. This bill provides 100% of the exemption amount, regardless of the assessment ratio of the municipality, to an individual who qualifies for the Maine resident homestead property tax exemption and is either at least 65 years of age or a veteran who served in the Armed Forces of the United States. This bill also requires the State to reimburse a municipality for 100% of the revenue lost as a result of this full exemption. Currently, the State reimburses municipalities 76% of the revenue lost due to the Maine resident homestead property tax exemption.

Committee Categories

Stephen Wood (R)*,  Dick Campbell (R),  Brad Farrin (R),  Matt Harrington (R),  Rick Mason (R),  Kim Pomerleau (R),  Shelley Rudnicki (R),  Katrina Smith (R),  Trey Stewart (R),  Russell White (R), 

Ought Not to Pass Pursuant To Joint Rule 310, Apr 8, 2025 (on 04/08/2025)

Official Document