An Act To Provide Property Tax Relief For Senior Residents

This bill creates a property tax stabilization program for Maine seniors aged 65 or older who own their home (homestead) and have lived in the state for at least 10 consecutive years. Eligible residents can apply annually by December 1st to lock in their current property tax rate, preventing future increases for as long as they meet the criteria. The state reimburses towns for lost tax revenue, and the exemption ends if the senior moves, sells the home, or no longer qualifies. The program will be reviewed in 2030 to assess its cost, impact on seniors, and fiscal sustainability.