Updated Information regarding the Stabilization of Property Tax Law (LD290)

announcement

New Law: LD290 

An Act to Stabilize Property Taxes for Individuals 65 years of age or older Who Own a Homestead for at Least 10 years

This new law allows certain senior residents to stabilize, or freeze, the property taxes on their homestead. 

An applicant must be:

  • At least 65 years old
  • A permanent resident of the State
  • Owned a Maine homestead for at least ten (10) years. 

Click here for more information and the APPLICATION

Interested taxpayers will need to apply with the municipality where their homestead is located on or before December 1. Bring form back to Town of Hollis.

As long as the individual files an application each year, the tax on their homestead is fixed at the amount assessed in the year prior to the initial application.  Eligible residents may transfer the fixed tax amount to a new homestead, even between municipalities.  The State will fully reimburse municipalities for lost revenue.  The law goes into effect on August 8, 2022 and applies to property tax years beginning April 1, 2023.

The text of the new law is available on the Maine Legislature’s website: LD 290 Law.  For additional questions, please contact the Property Tax Division at (207) 624-5600 or prop.tax@maine.gov.