An Act To Modify Current Property Tax Assessment Methods To Make Property Taxes Affordable For Longtime Property Owners

LD 614 proposes to change how residential property taxes are calculated for longtime homeowners. The bill modifies the current assessment method to prevent sudden tax increases as property values rise, helping residents retain their homes. It specifically targets owners who have lived in their properties for many years, ensuring their tax burden stays manageable. Currently in the concept draft stage, the bill has been referred to the Taxation Committee for further review.