Incrementally increases the homestead property tax exemption in Maine, reaching $95,000 by 2026.

This bill incrementally increases the homestead property tax exemption in Maine. It raises the exemption to $10,000 for tax years starting April 1, 2017, and further increases it to $15,000 for tax years starting April 1, 2020. For tax years beginning on or after April 1, 2026, the exemption increases by $10,000 annually until it reaches $95,000. After June 30, 2032, the exemption amount is adjusted annually for inflation.

Incrementally increases the homestead property tax exemption in Maine, reaching $95,000 by 2026.

This bill incrementally increases the homestead property tax exemption in Maine. It raises the exemption to $10,000 for tax years starting April 1, 2017, and further increases it to $15,000 for tax years starting April 1, 2020. For tax years beginning on or after April 1, 2026, the exemption increases by $10,000 annually until it reaches $95,000. After June 30, 2032, the exemption amount is adjusted annually for inflation.