Get up to $15,000 off the assessed value of your home when the state of Maine calculates your property taxes.
Every year when we send out the closing statements for the previous year’s closings, we tell our clients about the Maine Homestead Exemption. A lot of people have never heard of it and are surprised to find out that they can get reduction of up to $15,000 (it was $10,000 prior to 2016) off the assessed value of their home for property tax purposes. So in South Portland, for example, you would end up paying $265.50 less in property taxes. And that could be ice cream money for every weekend in the summer! Or you could put it into your home maintenance fund. The world is your oyster, so let’s get that exemption!
To qualify, the following criteria must be met:
- you must be a permanent resident of Maine
- the home must be your permanent residence
- you must have owned a home in Maine for the twelve months prior to applying
- an application must be filed on or before April 1 with the municipality where the property is located
- the exemption applies to any residential property that is assessed as real property.
To learn more, please visit http://www.maine.gov/revenue/faq/homestead_faq.html.
Each city / town may process / handle the exemption differently, so please check our list of links below. If your town isn’t on the list, just google “(your town) Maine homestead exemption” or “(your town) Maine assessor”, or call or visit your local town hall.
So now that you know about the Homestead Exemption, check out these other exemptions that you, your friends, or your family may benefit from.