Bill > LD1506

This bill amends Maine's personal property tax exemption by increasing the threshold for individually owned personal property from $1,000 to $5,000, meaning that personal property items valued below $5,000 will be exempt from taxation. The exemption continues to exclude items used for industrial or commercial purposes and vehicles that are not already subject to an excise tax. This change will take effect for property tax years beginning on or after April 1, 2026, which gives taxpayers and local governments advance notice of the new exemption level. The bill is designed to reduce the tax burden on individual property owners by expanding the range of personal property that will not be subject to taxation, potentially providing financial relief to residents by lowering their personal property tax obligations.

Budget and Finance

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=1506&snum=132