PORTLAND (WGME) -- A new Maine law allowing some senior citizens to stabilize their property taxes takes effect Monday, and with it comes more guidance from the state.
The Property Tax Stabilization Program allows certain senior citizens to freeze the tax amount on their home.
If you qualify, your 2023 property tax bill will be the same amount as 2022, and it will remain at that rate as long as you apply every year.
Even if you move to a different municipality, you can take that tax amount with you.
Here are the eligibility requirements:
- You must be a permanent resident of Maine.
- At least 65 years old.
- Have owned a home in Maine for at least 10 years (but that time does not have to be consecutive).
- And you must be eligible for a homestead exemption on the property you're placing in the program.
A couple of clarifications from the state:
- There are no income or asset limitations.
- If the home is owned by more than one person, only one owner needs to qualify.
- You have until April 1 to meet the eligibility criteria (So for applications due December 1, 2022, qualifications must be met by April 1, 2023).
You'll need to submit an application to your city or town by December 1 and they will determine whether you qualify.
You will have to re-apply each year by that date to continue getting the stabilized rate. If you forget, the bill for the next tax year would revert to the normal amount.
The state will reimburse municipalities for the difference between the amount billed and the amount owed.