Source: Market Watch —
A new property tax relief law went into effect this week in Maine, which could be a boon for seniors in the nation’s oldest state that also has the fourth-highest homeownership rate.
Under the “Property Tax Stabilization Program,” seniors who are 65 and older and permanent residents of Maine can freeze their property taxes at the prior year’s rate if they’ve owned their home for 10 years. There is no income requirement, meaning any qualifying senior can receive the benefit.
The benefit can even move with the seniors — they can sell their home and transfer the frozen property tax rate to their new home within Maine, even if it’s more expensive.
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