An Act Regarding Property Tax Relief for Veterans
Sec. 1. 36 MRSA §653, sub-§3 is enacted to read:
Sec. 2. 36 MRSA §653-A is enacted to read:
§ 653-A. Estates of veterans; enhanced exemptions
This section provides enhanced tax exemptions for the estates of certain veterans. A veteran or a veteran's surviving spouse, minor child or parent who is eligible for an exemption under this section receives the exemption under this section as a substitute for an exemption under section 653.
This bill provides enhanced property tax exemptions for certain veterans. A veteran regardless of age becomes eligible for a $25,000 exemption if the veteran has served at least 90 days of active service and has served in a combat zone. A veteran with a service-connected disability becomes eligible for a $50,000 exemption if the disability is rated 50% to 90% and a $100,000 exemption if the disability is rated 100%. A surviving unremarried spouse, minor child or parent who is receiving a pension based on the service of a deceased veteran qualifies for the same exemption the veteran would have been eligible for. A municipality is reimbursed for the constitutionally mandated 50% of the property tax revenue loss as a result of the enhanced exemption.