AUGUSTA - Rep. Mo Terry, D-Gorham, introduced legislation Tuesday before the Legislature's Taxation Committee that would replace the property tax stabilization program created in the 130th Legislature with a tiered senior resident homestead exemption.
LD 1650 would provide an additional $25,000 homestead exemption to qualifying older Mainers earning less than 80% of the regional median family income and an additional $15,000 homestead exemption to those earning between 80% and 100% of the regional median family income.
"We want our older neighbors to be able to age with dignity and comfort in the homes they've lived in for years," said Terry. "By shifting to a tiered homestead exemption, we can better target support to older Mainers that need it, especially those living on limited fixed incomes who are most vulnerable to property tax increases."
The bill would additionally require the state to reimburse municipalities for 100% of property tax revenue losses incurred from providing the exemption.
"This bill, if enacted will provide property tax relief to seniors who need it, without subsidizing the property taxes of the wealthy and well-to-do", said Kerry Leichtman, a certified Maine assessor serving Camden, Rockport and Rockland. "And this bill will provide funding to cities and towns to pay for the program."
The measure also received support from the Maine Education Association and the Maine Center for Economic Policy.
The Legislature's Taxation Committee will hold a work session on the bill on Thursday, April 27.
Terry, who represents part of Gorham, is serving her fourth term in the Maine House and serves as the House Majority Leader. She is a chef and small business owner with more than 25 years of experience in the food service industry.
Contact:
Brian Lee [Terry], c. 305-965-2744