An Act To Provide 100 Percent Of The Maine Resident Homestead Property Tax Exemption Amount To Seniors And Veterans

LD 934 provides Maine residents aged 65 or older and veterans who served in the U.S. Armed Forces with a full $25,000 property tax exemption on their primary home (homestead), regardless of their municipality's property assessment ratio. Currently, the exemption amount is reduced by the assessment ratio (typically below 100%), so homeowners often receive less than $25,000. The bill requires the state to reimburse municipalities 100% of lost tax revenue for this exemption, increasing the reimbursement rate from the current 76% to cover the full cost. This change applies to property tax years beginning April 1, 2026.