{"id":1649,"date":"2021-08-30T11:00:11","date_gmt":"2021-08-30T15:00:11","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=1649"},"modified":"2024-04-25T23:19:27","modified_gmt":"2024-04-26T03:19:27","slug":"hold-on-maine-seniors-property-tax-relief-is-coming","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/hold-on-maine-seniors-property-tax-relief-is-coming\/","title":{"rendered":"Hold On, Maine Seniors. Property Tax Relief Is Coming"},"content":{"rendered":"\n
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Maine will cover property taxes for homeowners aged 65+ who\nhave annual incomes under 40K. Thousands of homeowners \u2014 most of Maine\u2019s\nresidents who receive Social Security benefits \u2014 will be eligible for the\nbenefit. The provision, LD 1638, takes effect on Oct. 18, 2021. There is a\ncatch for these eligible owners, though. <\/p>\n\n\n\n

Here\u2019s the story. <\/p>\n\n\n\n\n\n\n\n

Tax Bills Rising All Over<\/h2>\n\n\n\n

Homeowners pay into property taxes based on their homes\u2019 assessed values. This year, property taxes are going up<\/a> all over the country at a rate exceeding 6% \u2014 higher than 2020\u2019s 4%. Residents in some states are paying more in property taxes than they pay on their mortgages. Of course, once a mortgage is paid off, the property tax bill is a major ongoing payment, together with homeowner\u2019s insurance and general upkeep. <\/p>\n\n\n\n

Even where property valuations stop rising or begin to\ndecline, homeowners can still get hit with rising property taxes. The cost of municipal\nservices can go up. Commercial property owners might lose value, leave the\narea, or otherwise fall short of paying enough to cover what townships need to\nmake a budget work. It then falls to the residential properties to pick up the\nslack. <\/p>\n\n\n\n

In other words, while rising home values are the usual cause\nfor property tax hikes, they\u2019re not the only impetus. <\/p>\n\n\n\n

When property taxes get out of hand, resident protests\nbecome more common. And longtime residents may choose or be forced to move. <\/p>\n\n\n\n

\u261b Where are\nproperty taxes the highest? Where are the lowest? And how can these assessments\nbe challenged? Read more on <\/em><\/strong>property taxes,\nand how not to overpay them<\/em><\/a>, from Deeds.com.<\/em><\/strong><\/p>\n\n\n\n

Maine Home Values Soar<\/h2>\n\n\n\n

The\npandemic changed homebuying trends<\/a> across the continent. Maine became one\nof the especially desirable places to live. Portland received a steady influx\nof people from other states. And South Portland is experiencing rapid\ngentrification in the midst of the home buying frenzy. Statewide, buyers have\nbeen waiving contingencies and bidding against each other, driving valuations\nsky high. <\/p>\n\n\n\n

Property revaluations and new tax assessments<\/a> have kept rolling, tracking the stunning boom in property values. Local governments are using updated assessments, now reflecting soaring market valuations, to calculate their residents\u2019 property taxes. <\/p>\n\n\n\n

As homeowners’ tax bills are rising 10 to 50 percent, Maine\nresidents are being squeezed to their financial limits. And that\u2019s in addition\nto the health and income struggles they may have had with virus-related shutdowns\nand slowdowns. <\/p>\n\n\n\n

\u261b Under 36 Maine Revised Statutes \u00a7 151, Maine homeowners have 60 days from when they receive their tax assessments to request that the revenue department <\/em><\/strong>reconsider the tax determination<\/a><\/em>. <\/em><\/strong><\/p>\n\n\n\n

Impact on Maine Seniors <\/h2>\n\n\n\n

Maine has more than 300,000 residents aged 65+. Some are\naffluent. Some are not. Looking at the latter group:<\/p>\n\n\n\n