This bill amends the property tax stabilization program for senior citizens to make the following changes.
1. It extends the program to property tax years beginning on or after April 1, 2025.
2. It changes the eligibility requirements to require an individual to have been a permanent Maine resident for at least 20 years and have a household income of no more than $75,000 of federal adjusted gross income.
3. It simplifies the renewal of stabilization requirements, retaining the requirement in current law that a request for stabilization be done annually, but requiring only that it be a written statement that the household is still eligible under the program for stabilization.
4. It removes the ability of an individual who moves from one municipality to another to retain the same stabilized property taxes assessed on the old property. Instead, the individual's stabilized amount will be determined as of the date the individual moves to the new homestead.

Statutes affected:
Bill Text LD 1481, HP 973: 36.6281