Legal Update: New Property Tax Stabilization Law

MMA Legal Services has issued a summary of “LD 290,” formally known as PL 2021, c. 751, “An Act To Stabilize Property Taxes for Individuals 65 Years of Age or Older Who Own a Homestead for at Least 10 Years.” The law creates a new property tax relief option for Maine residents 65 years and older by allowing eligible taxpayers to “stabilize,” or freeze, the amount they are billed in property taxes on a qualifying homestead. Although the law goes into effect on August 8, 2022, it will first apply only to property tax bills for taxes assessed as of April 1, 2023 and committed during calendar year 2023.

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