An Act To Amend The Definition Of "Homestead" Under The Homestead Property Tax Exemption Laws

This bill (LD 565) changes Maine's homestead property tax exemption rules by removing the requirement that a trust holding a home must be "revocable." It directly affects homeowners who use living trusts for their primary residence to qualify for the tax exemption, allowing them to use either revocable or irrevocable trusts. The key provision amends the legal definition to state that a homestead includes property held in a living trust for the applicant's permanent residence, without specifying that the trust must be revocable. This change simplifies eligibility for the exemption for trust-based homeowners.