Owning a home in Maine is a dream for people around the world. Aside from the major financial benefits you gain from home ownership—including the #1 way to accumulate personal wealth—you also get to live in one of the most beautiful, neighborly, community-centered places on earth. Okay, sure … you also have to pay Maine property tax. But during the last two years, the Maine State Legislature has significantly reduced the taxes most Maine homeowners owe. As we mentioned in our “2019 Maine Tax Update for Homeowners” last year, the legislature did this by dramatically increasing the Maine Homestead Exemption from $20,000 to $25,000, allowing you to keep more of your hard-earned money.
To help make your Maine property tax responsibilities as simple and clear as possible, we’ve put together the following list of helpful resources for you:
Property Tax Forms & Applications
Depending on your situation, you may be required to use one or more of the nine Maine Property Tax forms and applications listed on Maine Revenue Services’ website. You’ll find the forms and applications you need here.
Maine Property Tax General Information
Depending on whether you are a homeowner, business owner, landlord, or tax professional, you have different filing responsibilities under the law. No matter which situation pertains to you, you’ll find the guidance you need here.
Excise Tax
While we generally think of Maine property tax as something you pay on your home, a form of it called the “excise tax” is also applied to your vehicle and camper trailer, and it must be paid prior to registration. You’ll find the information you need here.
Property Tax Relief Programs
While most property owners in Maine must pay Maine property tax, there are numerous types of property that are fully or partially exempt. You’ll find the information and applications you need here.
Transfer Tax
A transfer tax is due under two scenarios: (a.) when there is transfer of a controlling interest in a particular property and (b.) on each deed by which any property in Maine is transferred. You’ll find more information here.
Unorganized Territory
Though “unorganized territory” sounds like something out of the Wild West, it simply refers to any of the 429 Maine townships (including the Baxter State Park area), plus many coastal islands, that do not lie within the bounds of a local, incorporated municipal government. If your property is in such a territory, you can find Maine property tax guidance here.
If you are a Maine homeowner, landlord, business owner, or other type of property owner affected by Maine property tax, we hope the information above has been clear and helpful to you. The next time you need friendly, professional advice buying, selling, or building a home, we invite you to contact us.
About Maine Source Homes & Realty
Maine Source Homes & Realty is dedicated to helping you find your perfect home-ownership solution. Whether you wish to buy, sell, or build a home, Maine Source Homes & Realty invites you to benefit from our 49 years of trustworthy experience and expertise.