ME LD140

Increases Maine's homestead property tax exemption by $10,000 annually beginning April 1, 2026, until the total exemption reaches $95,000

Current additional exemption of $15,000 (for tax years 2020-2025) will grow incrementally to $85,000 on top of the base exemption

Annual inflation adjustments begin with property tax years starting April 1, 2033, using the Chained Consumer Price Index

Exemption applies to the just value of eligible homestead properties owned by Maine residents

Referred to the Committee on Taxation; presented by Senator Baldacci of Penobscot with bipartisan cosponsors