An Act to Lower Property Taxes by Increasing the Homestead Property Tax Exemption

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Plain-English Summary

This bill proposes to increase the homestead property tax exemption in Maine. If passed, the additional exemption for a homestead would rise from $15,000 to $40,000 of its just value, starting with property tax years on or after April 1, 2025. This change aims to lower property taxes for homeowners who qualify for the homestead exemption.

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