Do towns in Maine have any kind of homestead property tax abatement for primary residences? We have a house in Mt Desert where our son lives year round. He works in SWH. But it is a "second home" for us. So I would not expect any kind of abatement. However where our primary home is there is a city ordinance that caps the amount a tax bill can rise in a year to 4% - no matter what the assessment may go up to. It has helped many long time residents afford to stay in their homes.
Yay, my house has tripled in value over 10 years! Boo, now I have to pay taxes on the value... People really need to quit the whining and face reality. Enjoy living in an awesome place where we have one of the best parks in the world and unlimited potential to earn money.
Way back in the 1970s when I was in graduate school, Professor Dick Netzer proposed an assessment method based on willingness to sell. I do not remember the exact details. The gist was that town would ask the property owner to set a value on the property with the understanding that the town would buy it at the proposed value if it wished, and sell it to any willing buyer. His reasoning was that the owner would propose a value slightly higher than the market price, but not too high because the tax bill would be based on that value, and would not risk selling it to the town at a perceived loss. Would that there were a simple way to put this into effect.
Do towns in Maine have any kind of homestead property tax abatement for primary residences? We have a house in Mt Desert where our son lives year round. He works in SWH. But it is a "second home" for us. So I would not expect any kind of abatement. However where our primary home is there is a city ordinance that caps the amount a tax bill can rise in a year to 4% - no matter what the assessment may go up to. It has helped many long time residents afford to stay in their homes.
There is a homestead exemption and that would be a great follow-up story. Thank you, Laura.
Yay, my house has tripled in value over 10 years! Boo, now I have to pay taxes on the value... People really need to quit the whining and face reality. Enjoy living in an awesome place where we have one of the best parks in the world and unlimited potential to earn money.
Way back in the 1970s when I was in graduate school, Professor Dick Netzer proposed an assessment method based on willingness to sell. I do not remember the exact details. The gist was that town would ask the property owner to set a value on the property with the understanding that the town would buy it at the proposed value if it wished, and sell it to any willing buyer. His reasoning was that the owner would propose a value slightly higher than the market price, but not too high because the tax bill would be based on that value, and would not risk selling it to the town at a perceived loss. Would that there were a simple way to put this into effect.