AUGUSTA – A new law supported by Rep. Parnell Terry, D-Gorham, to help provide relief for the rising cost of property taxes is now in effect.
The supplemental budget passed by the Legislature in April, LD 2212, expands the Property Tax Fairness Credit by increasing the maximum benefit from $1,000 to $1,500 for eligible Mainers under 65.
“We are in the midst of a national affordability crisis, and one of the biggest things I hear from Gorham families is that the skyrocketing cost of property taxes is putting real stress on their budgets,” said Terry. “Expanding the Property Tax Fairness Credit will help put money back into the pockets of working families and hopefully provide a little bit more breathing room to pay their bills.”
Mainers who do not owe state income tax, like individuals living on Social Security income, may still complete an abbreviated Form 1040ME to receive the Property Tax Fairness Credit and the Sales Tax Fairness Credit. If the credit exceeds the amount of individual income tax due for this tax year, the excess amount of credit will be refunded to you.
Taxpayers filing a return only for the purposes of claiming the Property Tax Fairness Credit and the Sales Tax Fairness Credit can simply check Box A on the 1040ME and complete the Schedule PTFC/STFC form. Returns can also be filed or amended going back three tax years to claim the credit.
The supplemental budget also includes additional measures to help working families with the rising cost of essentials like gas and groceries, including $300 affordability relief checks that will be mailed to eligible Mainers over the next several weeks.
Rep. Terry is serving his first term in the Maine House and represents part of Gorham. He is a member of the Inland Fisheries and Wildlife Committee and the Veterans and Legal Affairs Committee.
Contact:
Brian Lee (Terry) | 305-965-2744