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ME LD658

Bill

Official Source

Status

Failed

4/8/2025

Primary Sponsor

William Faulkingham

Click for details

Origin

House of Representatives

132nd Legislature

AI Summary

  • Increases Maine's homestead property tax exemption from $25,000 to $50,000 of just value for eligible homesteads
  • The additional exemption component rises from $15,000 to $40,000, which combines with the base exemption to reach the new $50,000 total
  • Effective for property tax years beginning on or after April 1, 2025
  • Amends 36 MRSA §683, sub-§1-B, the existing homestead exemption statute

Legislative Description

An Act to Lower Property Taxes by Increasing the Homestead Property Tax Exemption

Property Tax

Last Action

Pursuant to Joint Rule 310.3 Placed in Legislative Files (DEAD)

4/8/2025

Committee Referrals

Taxation2/20/2025

Full Bill Text

No bill text available