A bipartisan group of Maine lawmakers have introduced a bill aiming to increase the value of the state’s Property Tax Fairness Credit beginning in the 2025 tax year.
When filing their annual tax returns, Maine homeowners may claim the Property Tax Fairness Credit, subject to qualification based on a number of criteria, including income and filing status.
Based on the amount paid in property taxes during a given year, homeowners are eligible to receive a maximum of $1,000. Mainers 65 and older, however, are able to get a refund of up to $2,000 as of the 2024 tax year.
The value of the Property Tax Fairness Credit is calculated by determining the degree to which the statutory “base benefit” exceeds four percent of a homeowner’s annual income.
The “base benefit” refers to a homeowner’s property tax bill in a given year up to a certain amount.
LD 1665, sponsored by Sen. Anne Carney (D-Cumberland), seeks to raise the value of the base benefit in order to allow more Maine homeowners to claim a larger Property Tax Fairness credit on their tax returns.
Since 2018, state law has had the base benefit at $2,050 for individuals, $2,650 for heads of household or joint filers, $3,250 for heads of household or joint filers eligible for the child tax credit, and $4,000 for those over the age of 65.
The bill introduced by Sen. Carney and cosponsored by a bipartisan group of lawmakers would provide a small boost to all of these tiers, as well as adjust who qualifies for the tiers themselves.
Under this proposal, individuals would have a base benefit of $2,450, $3,200 for joint filers, $3,250 for heads of household or joint filers with one qualifying child or dependent, $4,250 for heads of household or joint filers with more than one qualifying child or dependent, and $4,250 for those 65 and older.
LD 1665 also increases the maximum value of the Property Tax Fairness Credit for heads of households and joint filers with qualifying children or dependents to $2,000.
Additionally, the bill would require the Department of Administrative and Financial Services (DAFS) Bureau of Revenue Services (BRS) to convene a working group to study the Property Tax Fairness Credit and make recommendations on how to make it easier to understand, as well as to submit an application for it.
The working group would consist of advocates for “low-income and elderly individuals and municipal governments.”
Cosponsoring this legislation are Rep. Adam R. Lee (D-Auburn), Sen. Rick Bennett (R-Oxford), Sen. Bruce Bickford (R-Androscoggin), Sen. Henry Ingwersen (D-York), Sen. Tim Nangle (D-Cumberland), Sen. Cameron Reny (D-Lincoln), Sen. Mike Tipping (D-Penobscot), Rep. Michelle Nicole Boyer (D-Cape Elizabeth), and Rep. Dylan R. Pugh (D-Portland).
LD 1665 has been referred to the Taxation Committee for further consideration, but a public hearing has not yet been scheduled.
<span class="dsq-postid" data-dsqidentifier="38133 https://www.themainewire.com/?p=38133">12 Comments
The more they try to fix any problem they have created, things get worse. Maybe they should adhere to the if it is not broken, do not fix it.
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Here we go again and please note that RINO Rick Bennet is right in the middle of it. As if the previous attempts at a new welfare program was not bad enough, the legal mumbo jumbo in paragraph 4 above of this article/proposal would require a Philadelphia Lawyer to understand how to calculate it. I’m really good at math but after reading paragraph 4, I haven’t got a clue if this will cost me more or less in property taxes. How about some definitions of some of the weasel words and phrases in the paragraph and maybe some calculation examples so we, The People, can get some idea of what this latest proposal is all about. And again, the root cause of this property tax problem is OVER SPENDING IN Augusta, fix that problem and the property tax problem will go away, remember this in coming elections, IF IN DOUBT, VOTE EM OUT !!
If you do not want your property taxes to go up, VOTE down your towns budget. No voting, no complaining.You might be surprised how much of your budget goes to NGO’s, some are worth it, some are not.You can control your budget, just votes very simple thing.
Were at a point now that mills couldn’t pay me to live in this liberal hell hole any longer than necessary. Cant wait to see what happens when this state consists of only transvestite-somali-illegal-chinese mafia, AKA mills voting base.
Just another shell game
If you have owned your home for more than 10 or 15 yrs you should have your taxes frozen.
Period.
And notice cutting spending or living within their means is NEVER considered.
a useless talking point for re-election.. “i did something to help seniors blah blah”
The largest change proposed is the maximum payout for those with kids and or other dependants, in other words, let’s go for the easiest method possible to buy votes from potential large numbers voters by decreasing their tax burden while screwing everyone else’s. If these legislative morons could focus on fixing the school funding fiasco, then property taxes would get their relief without all this tax return mumbo-jumbo.
There should be NO TAXES TAKEN OR PAID TO THE STATE FOR THE PEOPLE WHO LIVE IN LAUREL LIBBY’S DISTRICT IN AUBURN.
Boy, that’s quite a house, eh? I like it.
“Bipartisan Bill Increasing Maine’s Property Tax Fairness Credit Introduced in Augusta”
Property tax and fairness are contrary in terms.