ME LD934

Provides 100% of the Maine resident homestead property tax exemption ($25,000) to permanent residents who are 65 years of age or older or veterans who served in the U.S. Armed Forces, regardless of the municipality's certified assessment ratio

Current law reduces the actual exemption amount below $25,000 in municipalities with assessment ratios under 100%; this bill eliminates that reduction for qualifying seniors and veterans

Effective for property tax years beginning on or after April 1, 2026

Requires the State to reimburse municipalities 100% of tax revenue lost from these exemptions, compared to the current 76% reimbursement rate for standard homestead exemptions

Referred to the Committee on Taxation; presented by Representative Wood of Greene with bipartisan cosponsorship