Sec. 1. 36 MRSA §683, sub-§1-A is enacted to read:

1-A.__Additional exemption.__In addition to the exemption specified in subsection 1, a person who is at least 65 years of age and who has resided for at least 25 years in the homestead for which the exemption is being claimed under this subchapter is entitled to an additional exemption of $1,000 of the just value of the homestead for each year beyond 25 years that the person continues to reside in the homestead.

SUMMARY

This bill amends the so-called "homestead" property tax exemption to allow a person who is at least 65 years of age and who has resided in the same house for at least 25 years an additional property tax exemption of $1,000 of the value of the home for each year the person resides in the home beyond 25 years. Thus, based on the current homestead exemption amount of $7,000, a 65-year-old person who has resided in the same home for 30 years is entitled to an additional $5,000 homestead property tax exemption for a total exemption of $12,000.