Margaret purchased a home in Portland, Maine on March 15 of the current year and immediately moved in as her primary residence. She previously lived in New Hampshire and has never owned property in Maine. She applies for the Maine Homestead Exemption on April 1 of the same year. Will Margaret qualify for the exemption?
Correct Answer
C) No, because she has not owned and occupied a Maine homestead for at least 12 months prior to April 1.
Under 36 M.R.S. § 683, the Maine Homestead Exemption requires that the applicant must have owned and occupied a homestead in Maine for at least 12 months prior to April 1 of the year in which the exemption is claimed. Margaret purchased and moved in on March 15 of the same year, meaning she has owned the property for only about two weeks before the April 1 deadline. She does not meet the 12-month ownership and occupancy requirement and therefore does not qualify.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Many states have laws to limit how much property taxes can increase each year, regardless of market value fluctuations.
Various programs and exemptions exist to reduce the property tax burden for specific groups, such as seniors, homesteaders, or veterans.
A transfer tax is a tax imposed on the transfer of ownership of real estate.
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