LD 120
pg. 1
LD 120 Title Page An Act to Increase the Homestead Property Tax Exemption from $7,000 to $10,000 ... LD 120 Title Page
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LR 178
Item 1

 
Be it enacted by the People of the State of Maine as follows:

 
Sec. 1. 36 MRSA §683, sub-§1, as enacted by PL 1997, c. 643, Pt. HHH,
§3 and affected by §10, is amended to read:

 
1. Exemption amount. The estate up to the just value of
$7,000 $10,000 of the homestead of a permanent resident of this
State who has owned a homestead in this State for the preceding
12 months is exempt from taxation except for assessments for
special benefits. In determining the local assessed value of the
exemption, the assessor shall multiply the amount of the
exemption by the ratio of current just value upon which the
assessment is based as furnished in the assessor's annual return
pursuant to section 383. If the title to a homestead is held by
the applicant jointly or in common with others, the exemption may
not exceed $7,000 $10,000 of the just value of the homestead, but
may be apportioned among the owners who reside on the property to
the extent of their respective interests. A municipality
responsible for administering the homestead exemption has no
obligation to create separate accounts for each partial interest
in a homestead owned jointly or in common.

 
Sec. 2. Application. This Act applies to property tax years
beginning on or after January 1, 2002.

 
SUMMARY

 
This bill increases the amount of the property tax exemption
provided under the Maine residents homestead property tax
exemption from $7,000 to $10,000.


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