Bill > LD1144

This bill reinstates the Property Tax Stabilization Program for homeowners aged 65 and older, with several key modifications. The program will now apply to property tax years beginning on or after April 1, 2026, instead of the previously set 2023 date. The bill defines "stabilize" as maintaining property taxes for up to $900,000 of a homestead's assessed value at the same rate as the previous year. An important limitation is that an eligible individual may only stabilize property taxes on one homestead per property tax year. Municipalities will be able to recover 100% of the difference between the standard property tax assessment and the stabilized amount from the State, and they can also recover the administrative costs of implementing the program. This means eligible seniors can have their property tax bill "frozen" at the previous year's rate for a portion of their home's value, providing financial predictability and potential relief for older homeowners on fixed incomes.

Budget and Finance

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=1144&snum=132