LD1541

This bill provides a complete property tax exemption for senior residents in Maine, starting from April 1, 2023, and continuing for future years.

This bill amends the property tax stabilization for senior citizens program, changing the benefit to a complete exemption from property taxes for eligible individuals. It applies to property tax years beginning on or after April 1, 2023. The exemption is available to individuals who are at least 65 years old and have maintained a permanent residence in Maine for at least five consecutive years. The exemption can be transferred only if the transferee jointly owns the homestead and is eligible under the program.