Committee unanimously supports Sen. Baldacci bill to assist with property taxes
AUGUSTA – On April 1, the Legislature’s Joint Standing Committee on Taxation voted unanimously in favor of LD 140, “An Act to Incrementally Increase the Homestead Property Tax Exemption,” a bill sponsored by Sen. Joe Baldacci, D-Bangor.
“We need to make sure Mainers have the support they need to stay in their homes, and I am grateful to all the members of the Taxation Committee for supporting my bill, which will do just that,” said Sen. Baldacci. “By making changes based on the work we did in the 131st Legislature, we can set constituents up for success and continue to grow this program in a way that will benefit Mainers and won’t break the bank.”
LD 140 increases the homestead property tax exemption by $10,000 of the just value of the homestead each property tax year starting April 1, 2026, until the total exemption reaches $50,000. In subsequent property tax years, the exemption amount is adjusted annually for inflation.
LD 140 now faces votes in the full Senate and House.
Sen. Baldacci represents District 9, which includes Bangor and Hermon in Penobscot County.
