New Property Tax Law LD 290 Effective August 8
Property Tax Stabilization for Senior Citizens, also known as the Property Tax Stabilization Program, is a new State program that allows certain senior residents to stabilize, or freeze, the property taxes on their homestead.
Applications will be accepted by the Town of Scarborough Assessing Office starting (but not prior to) August 8, 2022 through December 1, 2022.
An applicant must be at least 65 years old, a permanent resident of the State, and must have owned a Maine homestead for at least ten years. As long as the individual files an application each year, the tax is fixed at the amount assessed in the year prior to the initial application. Eligible residents may transfer the fixed tax amount to a new homestead, even between municipalities. The State will fully reimburse municipalities for lost revenue. Effective August 8, 2022. LD 290, PL 2021, c. 751.
The application and supplemental guidance documents for the new Property Tax Stabilization Program (LD290) have been posted to the Maine Revenue Service website. The law goes into effect on August 8, 2022, and applies to property tax years beginning April 1, 2023. Interested taxpayers will need to apply with the municipality where their homestead is located on or before December 1. For additional questions, please contact the Property Tax Division at (207) 624-5600 or email@example.com.
View information on Assessing department page.