Sen. Reny submits legislation to provide property tax relief for Mainers

Posted: October 30, 2024 | Uncategorized

AUGUSTA —Sen. Cameron Reny, D-Bristol, has announced her first legislative proposal for the 132nd Legislative session, “An Act to Increase the Reduction for the Homestead Exemption Program.” The legislation would increase the reduction amount for the Homestead Exemption Program for Maine residents from up to $25,000 in the value of the home to up to $100,000 per year.

“Listening to the concerns of neighbors across my district has shown just how burdensome property taxes are for our communities,” said Sen. Reny. “During the most recent legislative session, we increased the Property Tax Fairness Credit and strengthened the State Property Tax Deferral Program, but this clearly isn’t enough. This bill is a meaningful step toward making sure Mainers are able to afford living in their homes and aging in place. It is my hope to provide reassurance that members of the Legislature are listening and eager to continue to help families feel relief.”

The 131st Legislature expanded the Homestead Exemption, which allows permanent Maine residents who have owned their home for at least 12 months to reduce the value of their home by $25,000 for property tax purposes, an increase from $20,000 in 2019. This month, Sen. Reny submitted the bill to quadruple the amount of relief qualified homeowners are eligible for. The bill would be considered after the 132nd Maine State Legislature convenes in December. For more information on the Homestead Exemption Program and to determine your eligibility status, visit https://www.maine.gov/revenue/faq/homestead-exemption-program