Take Advantage of This Tax Break: Homestead Exemption

If you’ve owned your home for a year, and use it as your primary residence, the State of Maine offers an incredible tax break you’ll want to participate in!

Just visit Maine.gov for more information on how you can qualify for this exemption, and for answers to some common FAQs to submit your application. The best part is, once applied, you won’t have to renew the exemption each year. It stays in affect as long as you own the home and your residency use stays the same. Amazing!

The State of Maine also offers other tax exemptions that you can also participate in (if applicable) in addition to the Homestead Exemption. While each town’s exemption amount does vary, no matter where you are in our great state, you’ll receive a significant reduction on the amount your home is taxed on.

Just purchased your new home? Mark your calendar for the anniversary of your closing date, and then submit your application right away. The deadline each year is April 1st, so if you miss it this year, you’ll be ready for next year. The savings can really add up, with the average household saving around $500 a year depending on their town.

Just one way our great state is such a wonderful place to call home!

Visit this website for more info: https://www.maine.gov/revenue/faq/homestead-exeption-program