A Maine legislator is proposing a constitutional amendment that would put a 2% annual cap on property tax assessment increases for residents who are 65 years and older.
The Bangor Daily News reported State Sen. Joe Baldacci’s proposal would only apply to primary residences. Baldacci is also seeking to pair the proposed cap with increases to revenue sharing and the state’s homestead exemption, which offers a reduction of up to $25,000 for tax purposes.
“We’ve got to figure out a way to help [older Mainers] that’s very direct,” said Baldacci, a Democrat. “I’d like to do this in a bipartisan way.”
Democrats hold a majority in the Maine legislature, although their control narrowed in this month’s election. Rep. Jack Ducharme, the highest-ranking Republican on the legislature’s budget committee, praised Baldacci’s as “a good starting point,” although he also warned, “We can look to control those property taxes all we want, but if the money we want to come from the state isn’t there or we have other priorities, it’s a swing and a miss.”
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