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ME LD1506

Bill

Official Source

Status

Enrolled

6/16/2025

Primary Sponsor

Randall Greenwood

Click for details

Origin

House of Representatives

132nd Legislature

AI Summary

  • Increases the personal property tax exemption threshold for individually owned personal property from $1,000 to $5,000 in just value

  • Maintains existing exceptions: items used for industrial or commercial purposes remain taxable regardless of value

  • Maintains existing exception for vehicles not subject to excise tax, which remain taxable regardless of value

  • Takes effect for property tax years beginning on or after April 1, 2026

Legislative Description

An Act to Amend the Personal Property Tax Exemption for Individually Owned Personal Property

Property Tax

Last Action

CARRIED OVER, in the same posture, to any special or regular session of the 132nd Legislature, pursuant to Joint Order SP 800.

6/25/2025

Committee Referrals

Taxation4/8/2025

Full Bill Text

No bill text available