An Act To Amend The Law Governing Stabilization Of Property Taxes On Homesteads Of Individuals 65 Years Of Age Or Older

LD 1481 amends Maine's property tax stabilization program for seniors, affecting homeowners aged 65+ who own a homestead in the state. It requires applicants to have been Maine residents for 20 years (up from 10) and have an annual income under $75,000, while simplifying renewal to a yearly written statement confirming continued eligibility. The bill removes the ability to carry stabilized tax amounts when moving between municipalities, instead requiring new municipalities to apply the stabilized rate based on the move date. These changes apply to property tax years beginning April 1, 2025, and extend the program to future years.