An Act To Provide Property Tax Relief By Increasing The Availability Of The Property Tax Fairness Credit Based On A Resident'S Age And Income

LD 715 increases property tax relief for Maine residents aged 65 or older with low incomes. Starting in 2024, the maximum credit amount for seniors rises to $2,000 (up from $1,500), and beginning in 2026, seniors earning $36,000 or less (adjusted for inflation) will qualify for a credit calculated using 3% of income instead of the current 4%. Married couples filing jointly qualify if at least one spouse is 65 or older, but separate filers do not. The bill does not change the existing credit for taxpayers under 65.