Sen. Cameron Reny introduces bill to expand homestead exemption program for Maine residents

AUGUSTA – On Wednesday, March 19, Sen. Cameron Reny, D-Bristol, introduced a bill that would reduce the property tax burden on Mainers by expanding the homestead property tax exemption. LD 570, “An Act to Provide an Additional Maine Resident Homestead Property Tax Exemption Based on Income,” was the subject of a public hearing before the Legislature’s Joint Standing Committee on Taxation.

“This bill helps provide tax relief to those who need it most,” said Sen. Reny. “We are all aware current property tax burdens are causing stress and serious problems for many Mainers. Expanding the homestead property tax exemption to lower-income families and individuals will help ease this burden and ensure homeowners can continue to afford to live with dignity in their homes.”

LD 570 provides an additional homestead property tax exemption of $75,000 to families and individuals whose income is below a certain threshold, bringing the total homestead tax exemption to $100,000 for those who need it most. The income thresholds are $200,000 for a married couple, $150,000 for a head of household and $100,000 for single or married people filing separate returns.

LD 570 faces further action in the Taxation Committee.

Sen. Reny represents Maine Senate District 13, which includes most of Lincoln County and the towns of Washington and Windsor.

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