Laws enacted by Governor Mills earlier this week can make a big difference to seniors 65 and older looking for property tax assistance, but there are a few things to be aware of if you or a family member is decide to take advantage of the wealth tax relief.
The essence of the law is to help seniors stay in their homes and not be left behind with the property tax burden.
Currently, those 65 and older who earn less than $ 40,000 a year are bound by property tax relief by the state of Maine holding a lien on the property for future repayment. This law shifts the tax burden, doesn’t make it go away. So if the property is sold or the owner dies, the tax burden will have to be paid back, according to a report from centralmaine.com
The real estate tax burden for many has increased dramatically in some communities. Since many seniors have only fixed incomes, it can have a devastating impact on their fragile budgets.
The new law will come into force on October 18 this year.
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