The Maine Legislature has created new law regarding the taxation of property owners who have reached age sixty-five and owned a homestead qualified property in Maine for ten years.
The City of Presque Isle would like to ascertain that all seniors who qualify for this new benefit understand the application process and file the necessary paperwork timely.
The Law is the result of LD – 290, “An Act to Stabilize Property Taxes for Individuals 65 Years of Age or Older Who Own a Homestead for at Least 10 Years.” This bill, presented by Sen. Trey Stewart of Presque Isle, became effective on Aug. 8. It has been written into the Maine Statutes in Title 36, section 6281.
As a result of this new law property taxpayers who qualify are able to freeze their future tax bills at the amount of the 2022 tax billing. Initial applications are required to be submitted to the city assessor no later than Dec. 1. The qualification requirements are: (1) that the property you apply for stabilization on is currently your permanent home, (2) you are at least 65 years old, (3) you have owned a homestead in Maine for 10 years, (4) the property you apply for does currently qualify for the homestead exemption.
It is important to know that each year following the initial stabilization there will be a renewal application required to remain in the program. Also, going forward, any taxpayer who becomes newly qualified will complete an initial application the year they do qualify and their stabilized amount will be based on the last tax bill they received.
In the event that a future tax bill is lower than the stabilized amount you will pay the lower amount and any taxpayer who wishes to become unenrolled may do so by simply not submitting the annual renewal form. In addition, the stabilized tax amount can be transferred to another property anywhere in the state, provided that property becomes your permanent residence and you provide the new municipality with your renewal application and last tax bill.
Applications are available at City Hall, thru the City Assessors webpage:
http://presqueislemaine.gov/assessing/, or may be downloaded from Me Revenue Services using the link: https://www.maine.gov/revenue/taxes/tax-relief-credits-programs/property-tax-relief programs/stabilization-program
The goal of the assessing department is to ensure that all taxpayers who qualify for tax relief are aware of this program. The benefit will increase over time in the event that property values increase in the future. All are encouraged to participate.
