Maine Homeowner Tax Exemptions
One great benefit of buying a home from Maine Source Homes & Realty is it allows you to qualify for key Maine homeowner tax exemptions. According to the latest state-specific tax information, the property-tax burden in Maine is already the lowest in northern New England, and key homeowner tax exemptions reduce your tax burden even further. Let’s take a quick look at them:
The Maine Homestead Exemption
Recently raised to become even more generous, this attractive exemption offers a reduction of up to $20,000 in the value of your home for property-tax-assessment purposes. To qualify, you must be a permanent resident of Maine … the home must be your permanent residence … and you must have owned a home in Maine for the 12-month period prior to applying.
To take advantage of this, you must file your application on or before April 1 at the town or city office where your property is located. Interestingly, this exemption applies to any residential property that is assessed as “real property.” So your mobile home might qualify—even if it’s located on a rented lot! Also … even if you are absent from your property a great deal, you still probably qualify. A “permanent resident” of Maine is defined, in this case, as any individual who “has a true, fixed, and permanent home to which the individual, whenever absent, has the intention of returning.”
To download your Maine Homestead Exemption application, please visit:
Any Maine veteran who served during a recognized war period and who is at least 62 years old … or who is on 100 percent disability as a veteran … or who became 100 percent disabled while serving his or her country … is eligible for a $6,000 exemption.
Paraplegic Veteran’s Exemption
Any Maine veteran who has received a federal grant for a specially-adapted housing unit may qualify for an exemption of up to $50,000.
Each of the Maine homeowner tax exemptions listed above requires completion of an application to the local town or city office where the property is located on or before April 1. You may be asked for additional information/documentation to support your exemption claim. Once your tax exemption has been approved, it will remain in effect as long as your residency and home ownership status remain unchanged.
For more information, please visit:
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