Maine Homestead Exemption
Homestead property in Maine is defined as an owned primary residence for permanent residents who have owned a Maine home for at least 12 months and occupy it on April 1st. The current value excluded from taxation is $25,000, offering property tax relief.
-
To apply for the homestead exemption, meet the requirements of being a permanent Maine resident, owning a home in Maine for at least 12 months, and occupying it as the primary residence. Once approved, the exemption remains active as long as these conditions hold.
-
Main Homestead Exemption Qualifications: To qualify, one must be a permanent Maine resident, own their home for 12 months prior, occupy it as their primary residence, and apply by April 1st. The exemption exempts $25,000 of the home’s value from property taxes. Additional programs in Maine such as farmland, open space, and more can further reduce property assessments.
Maine Senior Property Tax Relief
Maine seniors can apply annually by December 1st for a property tax freeze which sets their property tax rate at the previous year’s amount. To qualify, Mainers need to be 65 or older, lived in their home for 10 years, and be permanent Maine residents.
-
The law is intended to help seniors age in place amid rising property taxes. Seniors can also benefit from the expanded property tax deferrals and relief credits under the new plan.
-
Struggling seniors can experience financial hardship due to Maine’s high property taxes. Predictable property tax relief aids those on fixed incomes in budgeting effectively, enabling them to remain in their homes longer.