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Maine Property Tax Problems

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For 2005, Maine had the undesirable status of being ranked #1 for the highest local/state tax per capita clocking in at 13% vs a national average of 10% and 2nd place runner up of New York at 12%. See full chart here. Source CNN Money

The recent appreciation of real estate values has greatly benefited local municipalites through large increases in revenue derived directly from higher property tax bills yet it is a wonder that budgets still fall way short of balancing?? One of Governor Baldacci’s continuing top priorities despite being shot down twice is a call for a constitutional amendment that would freeze property tax values for year round residents  Read more here 

With no foreseeable future solution and the potential for it to get worse before it gets better, residents of Maine do have the ability currently to apply for a homestead expemption that allows for 13,000 write off from a homes assessed value.  In addition a new program allowing for property tax and rent refunds for qualifying individuals went into effect this past August.  Find out more here

 Did you know??
One generally assumes they own their home as long as they pay their mortgage yet in reality the government continues to remain the largest landlord in America collect rents on all real estate through annual property tax bills.  FYI: Did you know failure to pay your property tax bill enables the local municipality to take a first lien on your home, superseeding any mortgages one may have on a home! 

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