An Act To Incrementally Increase The Homestead Property Tax Exemption

This bill increases Maine's property tax exemption for primary residences (homesteads). It raises the exemption amount incrementally: $15,000 for tax years 2020-2025, then adds $10,000 each year starting April 1, 2026, until reaching a total $85,000 exemption. After 2032, the exemption amount will be adjusted annually for inflation using the Chained Consumer Price Index. The change directly affects Maine homeowners who qualify as homesteaders and own their primary residence.