Maine Property Tax Stabilization Program
The State legislature recently passed a new Bill LD290, “An Act To Stabilize Property Taxes for Individuals 65 Years of Age Or Older Who Own A Homestead For At Least 10 Years” that will go into effect on August 8th, 2022.
This bill requires a municipality to maintain the property tax on the homestead of a permanent resident who is at least 65 years of age at the amount billed in the year prior to an application for stabilization. The amount by which the property tax assessed exceeds the stabilized amount must be paid to the municipality by the State. If an eligible individual moves to a different municipality, the stabilized property tax amount continues at the new location. An applicant for stabilization must be a permanent resident of the State and must have owned a homestead for at least 10 years. An applicant for stabilization must be made each year to continue eligibility.
Some important things to know about this new initiative:
- The new property tax freeze is separate from the State’s homestead exemption.
- Application forms should be available by September 1st 2022 and will be due by December 1st 2022 for the following year.
- If a municipality determines that an applicant is eligible, it will stabilize the property tax on that homestead for the tax year for which they requested the program.
Please see the "Helpful Links and Documents for Property Tax Stabilization Program" on the left-hand blue sidebar for the application and additional information about the program.
A PDF version of the bill can be found at the link below:
Helpful Links and Documents for the Property Tax Stabilization Program: