An Act To Lower Property Taxes By Increasing The Homestead Property Tax Exemption

LD 658 increases Maine's homestead property tax exemption from $25,000 to $50,000 of a home's assessed value for property tax years beginning on or after April 1, 2025. This directly affects homeowners who live in their primary residence (homestead) and pay property taxes in Maine. The bill reduces the taxable value of a home by $25,000 more than current law, lowering property tax bills for eligible homeowners. The exemption applies to the home's assessed value, meaning taxes are calculated on the value above the $50,000 threshold.