There are three main types of property tax relief in the State of Maine.
- Current Use property tax relief programs are linked to the property's uses. Land used for farmland, working waterfront, or forestry purposes may be eligible for such a program, which reduces the taxable valuation of the land to its value in its current use. Land that has conservation value and/or that permits public access may be eligible for the open space program, which reduces the taxable value of such land by a designated percentage, depending on the degree of benefit provided. The four current use programs are Farmland, Tree Growth, Working Waterfront, and Open Space.
- Property Tax Exemptions reduce the taxable valuation of a property by a specific amount. Eligibility generally depends on the characteristics of property's owners. The most common property tax exemptions are the homestead exemption, the veteran's or veteran's survivor exemption, and the blind exemption. There is also a renewable energy tax exemption, which is based on the characteristics of the renewable energy equipment (i.e. solar panels) that have been installed.
- Maine Property Tax Relief programs are administered through Maine Revenue Services. The two existing programs are the Property Tax Fairness Credit, which provides a reimbursable income tax credit (meaning, you can apply for and receive this credit even if you do not owe any state income taxes) and the Property Tax Deferral Program, which provides a lifeline loan from the State of Maine that will pay your property taxes, to be repaid when the property is sold or becomes part of an estate.
Please contact our office if you have any additional questions on these programs.