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132nd MAINE LEGISLATURE
FIRST REGULAR SESSION-2025
Legislative Document No. 140S.P. 76 In Senate, January 14, 2025
An Act to Incrementally Increase the Homestead Property Tax
Exemption
Reference to the Committee on Taxation suggested and ordered printed.
DAREK M. GRANT
Secretary of the Senate
Presented by Senator BALDACCI of Penobscot.
Cosponsored by Senators: BAILEY of York, CYRWAY of Kennebec, Representative:
ROEDER of Bangor. Page 1 - 132LR0354(01)
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2 as amended by PL 2019, c. 343, Pt. H, ยง2, is
3 repealed and the following enacted in its place:
4 A homestead eligible for an
5 exemption under subsection 1 is eligible for an additional exemption as provided in this
6 subsection:
7 A. For property tax years beginning before April 1, 2016, $5,000 of the just value of
8 the homestead;
9 B. For property tax years beginning April 1, 2017, April 1, 2018 and April 1, 2019,
10 $10,000 of the just value of the homestead;
11 C. For property tax years beginning April 1, 2020, April 1, 2021, April 1, 2022, April
12 1, 2023, April 1, 2024 and April 1, 2025, $15,000 of the just value of the homestead;
13 and
14 D. For property tax years beginning on or after April 1, 2026, $10,000 of the just value
15 of the homestead for each property tax year in addition to the amount under paragraph
16 C, until the additional exemption under this subsection is equal to $85,000.
17 Beginning with property tax years beginning April 1, 2033, the State Tax Assessor annually
18 shall multiply the amount of the exemption under this subsection and subsection 1 by the
19 cost-of-living adjustment. For the purposes of this section, "cost-of-living adjustment"
20 means the Chained Consumer Price Index, as defined in section 5402, subsection 1, for the
21 12-month period ending June 30th of the preceding calendar year divided by the Chained
22 Consumer Price Index for the 12-month period ending June 30, 2032.
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24 This bill, for property tax years beginning on or after April 1, 2026, increases the
25 homestead property tax exemption by $10,000 of the just value of the homestead each
26 property tax year until the total exemption reaches $95,000. In subsequent property tax
27 years, the exemption amount is adjusted annually for inflation.
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