More than 300,000 Maine property tax payers will each receive $102 next year, under a new law passed in June.
The legislation requires Maine to distribute payments to qualified households when the state’s property tax relief fund reaches a certain threshold, according to a news release. The money comes from the state’s General Fund.
Payments will be sent in January and February, State Treasurer Henry E.M. Beck said.
To receive a payment, a property tax payer must have qualified for a homestead exemption by April 1. The homestead exemption reduces a home’s taxable value by $20,000, so a taxpayer pays property taxes on only $130,000 in value for a $150,000 home.
“Maine people made clear they want property tax relief. Speaker [Sara] Gideon’s bipartisan legislation will provide over $30 million in direct relief to Maine homeowners,” Beck said in the release.
“Combined with Gov. [Janet] Mills’ budget to dramatically increase revenue sharing and also raise the homestead exemption, this meaningful program delivers on real property tax relief for Maine people.”
