Q. I've been hearing about a new property tax break for Maine seniors. What is it?
Home values in Maine rocketed upwards in the past few years. While that’s been a boon to sellers, higher home values also can mean higher property taxes.
In an effort to help protect Maine’s older residents from the financial burden of climbing property taxes, the Maine State Legislature recently created the Property Tax Stabilization Act. This act freezes property taxes for seniors at the amount paid the year they apply. For instance, an application that is in by the 2022 deadline of December 1 will freeze 2023 property taxes at the amount paid in 2022.
A new application has to be filed by December 1 of each year, or the property tax bill will revert to the normal amount. If the normal amount is lower than the frozen year, the lower amount will apply. Eligible residents who move may transfer the fixed tax amount to their new Maine city or town.
To qualify, Mainers need to:
Be a permanent resident of Maine
Be 65 or older as of April 1 of the upcoming year
Have owned a homestead in Maine for at least ten years as of April 1 of the upcoming year
If you, or someone you know, is a Maine resident of 65 or older, it is well worth investigating whether you are eligible for this new property tax relief program.
Click here for more eligibility information, or search “property tax relief” on maine.gov.
Troy Williams has been the #1 agent in York county since 2012. His work ethic and unmatched expertise and knowledge of the local real estate market keep him consistently one of the top realtors in Maine. His office can be reached at 1-207-351-8188.
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