AUGUSTA, Maine — More than 300,000 Maine homeowners can expect a $100 check early next year under a new state law.
The households that can expect the payment qualified for the homestead exemption in 2019. The homestead exemption reduces a home’s taxable value by $20,000, so a taxpayer pays property taxes on only $130,000 in value for a $150,000 home. Homeowners can only claim the homestead exemption on their primary residence.
The $100 payments come from the state’s Property Tax Relief Fund for Maine Residents, which consists of excess revenues from the state’s General Fund. Under a law that passed in June, the state treasurer’s office issues relief payments of at least $100 to all qualified households when the tax relief fund has enough money in it to make payments of at least $100.
State Treasurer Henry Beck estimates the payments issued early next year will be $102, and that 305,000 households will receive the money. The payment is calculated by dividing the amount of money in the fund by the number of households that qualify for the homestead exemption, minus the cost of administering the program. All households receive the same amount.
Treasurer spokesperson Matthew Colpitts said the fund has more than $33 million in it. He said the costs of administering the program is expected to be less than $300,000.
Beck said the money will be sent to taxpayers in January and February.
To receive the $100, residents would have needed to qualify for the exemption by April 1 of this year.
