What Is the Maine Homestead Property Tax Exemption

If Carla applies for the exemption, the city will deduct $20,000 from the value of Carla`s home before charging the tax. The new tax value is only $90,000. Now Carla owes $900 in property taxes. Carla saves $200 a year with the exemption. Family Property Exemption – This program provides property tax relief for certain individuals who have owned a family property in Maine for at least 12 months and who make the property they occupy on April 1 their permanent residence. Property owners would benefit from a $25,000 exemption. Active duty military personnel may benefit from this exemption if they: The benefit is an exemption from the property for the purpose of determining the estimated value. For eligible residents, the exemption is up to $20,000. To calculate the exact allowance, the locally reported ratio (the percentage difference between the fair market value of the home and the local assessment) is multiplied by the maximum exemption of $20,000. The exemption must be requested no later than April 1 of the year in which it is first requested. Subsequent applications are not required unless the appraiser determines that the property no longer qualifies for the exemption. An eligible resident is a permanent resident who has owned property in the state in the past 12 months.

Military personnel stationed in Maine are considered permanent residents only for the purposes of this exception. If your local appraiser determines that you do not qualify for a homeownership exemption, they will send you a notice explaining the reasons for the refusal. You can appeal the rejection in writing to the Local Assessment Review Board or the County Commissioners. Further information can be found in property tax form no. 10 and 36 M.R.S. §§ 843 and 844. Maybe! Starting in 2019, homeowners who have received the Homestead exemption can receive payments of $100 or more from the Maine Residents Property Tax Relief Fund. This cannot happen every year – payments are not guaranteed. That`s because payments come from extra money in Maine`s «general fund» — and homeowners only receive checks when there is enough extra money, so any homeowner with a property exemption receives at least $100. If there is not enough money in the fund, owners will not receive payments.

Renewable Energy Investment Exemption – This program exempts renewable energy devices, such as solar panels, from 1. April 2020 property tax. Taxpayers must claim the credit by April 1 of the first year in which the exemption is claimed. All of the above exceptions require you to complete an application with the local municipal office where the property is located. Exemption requests may require additional information in support of the exemption request and must be submitted to the expert`s office by April 1. No. Once approved, the exemption will remain in effect as long as your ownership and residency status remains unchanged. The $25,000 exemption must be adjusted based on the locally certified ratio. The locally certified ratio is usually the percentage difference between the fair market value of your home and the local valuation.

Since your property taxes are based on the locally estimated value, the $25,000 statewide exemption must be adjusted to apply equally to all Crown properties. For example, if the certified local ratio in your city is 80%, your property exemption will be calculated as follows: $25,000 x 0.80 = $20,000. The value of their property would be reduced by $20,000 by the Homestead exemption. If you have further questions about calculating your exemption, please contact your local municipality or tax advisor. The property exemption must not exceed the total value of your property; if the total value of your property is $14,000; Your Homestead exemption cannot exceed $14,000. The Homestead exemption offers a reduction in the value of your home of up to $25,000 for property tax purposes. To qualify, you must be a permanent resident of Maine, the home must be your permanent resident, you must have owned a home in Maine in the twelve months preceding the application, and an application must be submitted to the municipality where the property is located no later than April 1. The exemption applies to all residential properties that are assessed as real estate. For example, a mobile home located on leased land may qualify for the exemption. You can download the application from the Homestead Exemptions page. The Homeownership Exemption application is available in most municipalities or you can download the application from the Family Property Exemptions page.

The completed application must be submitted to the municipality where you live. If your home has more than one owner, only one signature is required. Forms created after 1. April of one year, apply to the tax notice of the following year. The Maine Homeproperty Exemption can reduce your property tax bill. It ensures that the city does not count $20,000 of the value of your home for property tax purposes. You may be eligible if you`ve owned your home in Maine for at least 12 months. It doesn`t matter if you sold one house and moved to another. All you need to do is show that you owned a home for a period of 12 months.