An Act To Provide Property Tax Relief By Increasing The Availability Of The Property Tax Fairness Credit

This bill expands the Maine Property Tax Fairness Credit to provide greater tax relief for resident individuals aged 65 and older with annual incomes of $36,000 or less. Starting in 2024, eligible seniors will receive a credit equal to the difference between their benefit base and 3% of their income, increasing the maximum credit amount to $2,000 from the previous $1,500 limit. The legislation also adjusts the income threshold and benefit base calculations to account for inflation using the Chained Consumer Price Index. Additionally, the bill allocates $52,458 in state funding to cover administrative costs related to updating the tax system for these changes.