by David Flemming
In early August, a law took effect in Maine that will leave many Vermonters thinking “if only…”
Permanent Maine residents 65 or older who have owned a home for at least 10 years may apply through their towns to have their property taxes frozen at their current level. The Maine Policy Institute reports:
The cost of the program is expected to rise significantly as more individuals become eligible and sign up. According to estimates in the 2020 Census, roughly 16% of Maine’s population could potentially qualify for this program, as about 20% of Mainers are over the age of 65 and approximately 80% of that subset are homeowners. The bill’s fiscal note projects that the price tag of reimbursing municipalities will roughly double year-over-year, costing $2.6 million for FY 2023, $7 million for FY 2024, and $14 million for FY 2025……Read more at Ethan Allen Institute blog