AUGUSTA - The Maine House voted Thursday to advance a measure by Assistant House Majority Leader Rachel Talbot Ross, D-Portland, which would increase the existing Homestead Property Tax Exemption program. The bill earned initial approval with unanimous consent.
"The Homestead Exemption is one of our most powerful property tax relief programs. Strengthening the program will help Mainers, especially working families and older residents, afford to stay in their homes," said Talbot Ross.
LD 1448 would increase the amount of the Homestead Property Tax Exemption from $25,000 to $30,000 beginning on April 1, 2022. The state reimburses municipalities for 70% of the property tax revenue lost due to the exemption.
"Rising property taxes are particularly hard on those with fixed incomes like retirees and workers whose wages have not kept up with the cost of housing. It's a huge problem in my community, but the truth is it impacts Mainers across the state. The Homestead Exemption provides direct relief to homeowners to help with these costs," Talbot Ross said.
The Homestead Exemption provides property tax relief to Mainers who have owned a permanent, primary residence in the state for at least 12 months. Currently the exemption provides a reduction of up to $25,000 in the value of a home for the purposes of calculating property taxes. To qualify, homeowners must file an application with their municipality by April 1.The measure faces further votes in the House and Senate.Talbot Ross is serving her third term in the Maine House. She represents House District 40, part of Portland.
Contact:
Jackie Merrill [Talbot Ross], c. 812-1111