Understanding New Property Tax Relief Law For Maine Seniors
Legislation that was signed into law earlier this week by Governor Mills can make a huge difference with seniors 65 an older who are looking for some property tax assistance but, there are some things that you need to keep in mind if you or a family member decides to seek out the property tax relief.
At the core of the law it is meant to help seniors stay in their homes and not fall behind with property tax burdens.
Currently, people 65 and over who qualify by earning less than $40,000 a year for property tax relief would be bound by the state of Maine placing a lien on the property fro repayment in the future. This law defers the tax burden, it doesn't make it disappear. So, when the property is sold, or the owner dies, the tax burden must be paid back according to a report by centralmaine.com
Property tax burdens for many have increased by large amounts in some communities. With many seniors only having fixed incomes, this can wreak havoc on their fragile budgets.
The new law goes into action on October 18th of this year.
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