ME LD1541

Converts Maine's existing property tax stabilization program for seniors into a complete property tax exemption for homesteads, effective for tax years beginning on or after April 1, 2027

Eligibility requires individuals to be 65 years of age or older (or turning 65 during the tax year) and to have owned a homestead in Maine for at least 10 consecutive years

Replaces annual application requirements with an annual affidavit confirming continued eligibility; exemption covers the homestead plus up to one acre of surrounding land

State reimburses municipalities 100% of the foregone property tax revenue from granted exemptions, with payments due by January 15th of the following year

Mandates a program evaluation by the Office of Program Evaluation and Government Accountability in 2030, with findings due January 15, 2031, assessing fiscal sustainability and potential program modifications