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New Property Tax Law for Homesteads of Senior Residents

August 8th, 2022

New Property Tax Law for Homesteads of Senior Residents

During its most recent session, the Legislature passed L.D. 290 "An Act to Stabilize Property Taxes for Individuals 65 years of Age or Older Who Own a Homestead for at Least 10 Years". This new law allows certain senior residents to stabilize, or freeze, the property taxes on their homestead. An applicant must be at least 65 Years old, a permanent resident of the State, and must have owned a Maine homestead for at least 10 years. As long as the individual files an application EACH YEAR, the tax on their homestead is fixed at the amount assessed in the year prior to the initial application. Eligible residents may transfer the fixed tax amount to a new homestead, even between municipalities. The law goes into effect August 8, 2022 and applies to property tax years beginning April 1, 2023.  Interested parties will need to apply with the municipality where their homestead is located on or before December 1st of each year. Applications are available at the town office or online at Maine Revenue Services: Application for Property Tax Stabilization for Senior Citizens