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LD 290, “An Act To Stabilize Property Taxes for People 65 Years of Age or Older Who Personal a Homestead for at Least 10 Years” is poorly crafted laws and needs to be repealed by the subsequent Legislature.
As enacted, this legislation grants property tax limitation to any taxpayer over age 65, no matter monetary means, who has owned a taxable homestead in Maine for not less than 10 years. Conversely, this tax aid laws doesn’t apply to the sizable inhabitants of Maine residents over age 65 who hire properties or are shareholders in senior housing cooperative firms and who wouldn’t have particular person property tax accounts with a municipality.
Past its indiscriminate utility throughout the generic class of senior citizen taxpayers, this laws locations an undue and expensive administrative burden upon municipalities. Below LD 290, a municipality should pay for a further step in its annual price range course of. Property tax payments for qualifying seniors can be capped and the misplaced income should be accounted for and made up one way or the other till the state will get round to reimbursing the municipality. Such reimbursement is on the annual whim of the Legislature. Recall that the Legislature has been laggard for years in absolutely funding beforehand mandated income sharing funds to municipalities.
There are residents of Maine for whom property taxes are a real monetary hardship, not merely a monetary inconvenience. It’s a worthy purpose for the Legislature to offer property tax aid for such hardship instances, and never simply to the subset of such instances who occur to be senior residents. Additionally it is a worthy purpose for the Legislature to offer full and immediate reimbursement of misplaced tax income to municipalities from progressive state earnings tax revenues. With these targets in thoughts, and with cautious deliberation, the subsequent Legislature can provide you with a worthy substitute for LD 290.
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