An Act To Increase The Homestead Property Tax Exemption For Residents 65 Years Of Age Or Older

LD 7 increases the homestead property tax exemption for Maine residents aged 65 or older who have lived on their primary home for at least 10 years. Starting April 1, 2025, eligible seniors will have $75,000 of their home's value exempt from property taxes, up from the current $25,000. This change directly reduces the taxable value of qualifying homeowners' primary residences, lowering their annual property tax bill. The exemption applies to the just value of the homestead and is effective for property tax years beginning in 2025.