Today (July 11, 2023), Gov. Mills signed the state budget. Part of the budget deal ends the tax stabilization (a.k.a. tax freeze) for seniors after its first year. However, the budget also expands two existing programs.
The major one is the Property Tax Fairness Credit, which currently allows eligible Mainers to take a $1,500 credit. The package increases that to $2,000, and it also loosens limits on the program in a way that allows the benefits to remain constant for a Mainer whose spouse dies.
It also expands a smaller loan program in which the state pays property taxes for seniors who cannot. Taxes must be paid back when the home is sold or becomes part of an estate. It doubles the income limit on that program to $80,000 and also raises asset limits.
