Helping Out Lewiston Homeowners
The State Legislature has modified the Maine Homestead Exemption for the Fiscal 2017 Tax Year. The Exemption has increased from $10,000 to $15,000 for resident homeowners. At the present time there are over 6,100 owner occupants of homes, mobile homes, and apartment buildings currently receiving the Exemption. The current tax savings in Lewiston amounts to approximately $1.5 million.
The Lewiston Assessing Department mails applications to new Lewiston homeowners when requested. The simple Homestead Exemption Application Form requires the taxpayer to certify that their Lewiston home is their permanent residence and that they have owned it for 12 months prior to April 1, of the current year. The application form must be returned to the Assessing Department by April 1 of that year in order to qualify for the exemption.
About the Maine Homestead Exemption Program
Maine boasts the highest%age of home ownership in the United States. Unfortunately, high property taxes make home ownership difficult for many. A recent study from the Maine Municipal Association revealed that of Maine's three major taxes (income, sales, and property), most residents said property tax relief should be the state's top priority. This is the largest tax cut for Maine homeowners in history.
Residents who have owned a home in Maine for the past 12 months qualify. The application is quick and easy but you must act swiftly. Apply once and you probably will not have to apply again unless you move. When your town mails your tax bill, about $15,000 of your home's value will be exempt. The value of this benefit will depend upon the tax rate in Lewiston and the Municipal ratio of assessment.