LD7

This bill increases the homestead property tax exemption for Maine residents aged 65 or older from $25,000 to $75,000.

The bill amends Maine Revised Statutes to increase the homestead property tax exemption for permanent residents aged 65 or older from $25,000 to $75,000. This exemption applies to property tax years beginning on or after April 1, 2025. The exemption amount can be apportioned among joint owners based on their respective interests. The bill also ensures that residents who regain ownership of a homestead after a tax lien foreclosure remain eligible for the exemption.