AUGUSTA - Assistant House Majority Leader Rachel Talbot Ross, D-Portland, introduced a bill on Tuesday to increase state reimbursement to municipalities for the existing Homestead Property Tax Exemption Program.
"The Homestead Exemption is one of our most important property tax relief programs, but it could be much more powerful with increased support from the state. Strengthening the Homestead Exemption would help Mainers, especially working families and older residents, afford to stay in their homes," said Talbot Ross.
LD 1448 would increase the amount reimbursed to towns and cities from the current 70% to 100% of tax revenue lost due to the exemption. At the public hearing, Talbot Ross asked the committee to include language that would remove the current requirement that an individual must own the property for 12 months before becoming eligible for the property tax exemption.
"The current one-year residency requirement penalizes both new homeowners and those who move from one property to another," said Talbot Ross.
"Municipal officials support LD 1448 as the next step in building the effectiveness of the homestead exemption program. By funding 100% of the $25,000 exemption," Maine homeowners will benefit from every penny of the exemption, said Kate Dufour, director of state and federal relations at the Maine Municipal Association, in written testimony supporting the bill.
The Taxation Committee will hold a work session on the proposal in the coming weeks. At that time, committee members will have the opportunity to offer amendments before voting on a recommendation to the full Legislature.
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