Senate gives initial approval to Sen. Baldacci bill that would lower property taxes

AUGUSTA — Yesterday, the Maine Senate 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.   

“This bill is about ensuring that we are able to keep Mainers in their homes,” said Sen. Baldacci. “As the cost of living continues to rise and Mainers worry about paying for groceries, medicine and electricity, we need to do our part in the Legislature to find ways to ease these burdens — for all of our constituents. I am grateful for my colleagues for seeing the need for this legislation, and I am hopeful it will make its way to the Governor’s desk.”

LD 140 increases the homestead property tax exemption by $5,000 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 further votes in the Senate and House.

Sen. Baldacci represents District 9, which includes Bangor and Hermon in Penobscot County.