Property Tax Stabilization for Senior Citizens, also known as the Property Tax Stabilization Program (the “Program”), is a State program that allows certain senior-citizen residents to stabilize, or freeze, the property taxes on their homestead.
Donor Name: City of South Portland
State: Maine
County: All Counties
Type of Grant: Grant
Deadline: 12/01/2022
Details:
As long as you qualify and file a timely application each year, the tax billed to you for your homestead will be frozen at the amount you were billed in the prior tax year. Eligible residents who move may transfer the fixed tax amount to a new homestead, even if that new homestead is in a different Maine municipality.
Who qualifies?
- To be eligible for the Program, an individual must meet all of the following as of April 1 of the property tax year for which they are requesting stabilization (so for applications due December 1, 2022, qualifications must be met as of April 1, 2023):
- at least 65 years old,
- a permanent resident of Maine,
- have owned a Maine homestead for at least ten years, and
- be eligible for a homestead exemption on the property they are placing in the Program.
- If your homestead is owned by more than one individual as joint tenants, only one owner needs to qualify for the Program to participate. There are no income or asset limitations to qualify. Permanent resident. You must have established a permanent residence in Maine.
- “Permanent residence” means that place where an individual has a true, fixed, and permanent home and principal establishment to which the individual, whenever absent, has the intention of returning. An individual may have only one permanent residence at a time and, once a permanent residence is established, that residence is presumed to continue until circumstances indicate otherwise.
- Ten-year homestead. You must have owned a homestead in Maine for at least ten years. The ten-year period does not have to be consecutive. A homestead means residential property that you occupy as your permanent residence. A homestead also includes property that is held in a revocable living trust for your benefit or property owned by a cooperative housing corporation if you occupy it as your permanent residence as a qualifying shareholder. It does not include real property used solely for commercial purposes.
- Homestead exemption. You must be eligible to receive a homestead exemption on your home. The homestead exemption generally applies only to your permanent residence. Your property tax bill will usually show whether you are already receiving a homestead exemption. If you are unsure whether you qualify for a homestead exemption, contact your local assessor.
For more information, visit City of South Portland.
