Under a new law enacted by the Maine Legislature earlier this year, Maine residents who are aged 65 and older have an opportunity to freeze their future homestead property tax rates at current levels.

The property tax stabilization program, a result of the passage of LD 290, “An Act To Stabilize Property Taxes for Individuals 65 Years of Age or Older Who Own a Homestead for at Least 10 Years” in April, allows eligible seniors to apply to their municipality to stabilize their property tax assessment at the current rate.

Residents must apply by December 1 for the tax year beginning the following April, and a new application is required for each year in which a tax stabilization is requested.

The bill was sponsored by Sen. Trey Stewart, R-Aroostook, who brought the measure forward on behalf of an elderly County resident who felt that seniors in Maine living on fixed incomes shouldn’t have to worry about whether they can afford future property tax increases.

“As social security has failed to keep up with the rising cost of living, seniors become vulnerable to rising taxes and sometimes are forced to make hard financial decisions or risk losing their homes entirely. That’s not an acceptable outcome,” Stewart said, in a June 24 news release. “I’m proud that LD 290 was successful this year and funded off of the Appropriations Table by the Senate Republicans. No more will seniors have to worry about whether they might someday be taxed out of their homes thanks to some County ingenuity and my caucus’s support behind this important initiative.”

In addition to the age requirement, those eligible under the program must be permanent residents who have owned their home for at least 10 years, and the home must meet the requirements for the homestead exemption. Once approved, an eligible homeowner who sells the property can transfer that eligibility to another property anywhere in the state.

Municipalities that have stabilized property taxes for eligible individuals may recover 100 percent of the difference from the State for those properties where assessments exceed the stabilized amounts.

The new measure, which became law without the governor’s signature on May 8, will take effect after the 90-day waiting period ends on Aug. 8. Residents are encouraged to check with their municipal tax office after that date.

Senator Trey Stewart is serving his first term representing the Aroostook and Penobscot County communities of District 2 and is the Senate Republican Lead for the Legislature’s Energy, Utilities and Technology and Health Coverage, Insurance and Financial Services committees.