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ME LD1481
Bill
Status
5/21/2025
Primary Sponsor
Wayne Parry
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AI Summary
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Extends Maine's property tax stabilization program for seniors age 65 and older to property tax years beginning on or after April 1, 2025
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Increases the homestead ownership requirement from 10 years to 20 years of owning a homestead in Maine
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Adds a new income cap requiring federal adjusted gross income not exceeding $75,000 to qualify for stabilization
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Simplifies annual renewal by replacing full reapplication with a written statement confirming continued eligibility
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Eliminates the ability to transfer a previous stabilized tax amount when moving to a new municipality; instead, the stabilized amount resets based on the new homestead's value at time of move
Legislative Description
An Act to Amend the Law Governing Stabilization of Property Taxes on Homesteads of Individuals 65 Years of Age or Older
Property Tax
Last Action
Pursuant to Joint Rule 310.3 Placed in Legislative Files (DEAD)
5/21/2025