Property Tax Stabilization for Senior Citizens – Update
The State of Maine Legislature has discontinued the Property Tax Stabilization Program for Senior Citizens. Those that already qualified will receive the stabilized tax benefit for the property tax year beginning April 1, 2023, ONLY!
As a result of this change, impacted taxpayers may see significant increase in their tax bill for the tax year beginning April 1, 2024.
Law changes have also expanded the eligibility for the Property Tax Deferral Program and increased benefit under Property Tax Fairness Credit.
Property Tax Deferral Program
*Defers payments of property taxes on a permanent residence until taxpayer moves, sells property, or passes for those qualified.
*Qualifications based on age or disability status, income, and liquid assets.
*Maine Revenue Service makes final eligibility determination.
*Applications must be filed with the local Assessor by April 1st for the next upcoming tax year.
Property Tax Fairness Credit
*Offers homeowners and renters a refundable tax credit on portion of property tax or rent paid during the year.
*Apply though Maine Individual Income Tax Return;
NOT THOROUGH LOCAL ASSESSING OFFICE.
*Must meet income & property tax or rent guidelines to be eligible.
