Maine Homeowners Could See Property Tax Skyrocket This Year
It doesn't take a rocket scientist to figure out that home values across the nation and here in Maine have been on the rise over the last year or so. Experts however are warning that this could lead to a massive hike in the property tax rates across the state as tax liability shifts more from business and commercial properties to residential.
According to the Kennebec Journal, property tax rates in Maine could jump by more than 30% and some could even see closer to 50% in certain cases. A lot of this is due to the fact that houses in Maine are selling for sometimes $100,000 over the original asking price. This is due in part to out-of-staters buying homes here in Maine.
For example, if your current property tax bill annually is $3,000, a 30% hike would take that same bill to $3,900 this year. And, many Maine homeowners are already paying well over that.
Residents in some Maine towns are asking local officials to delay doing annual property revaluations until another solution can be worked out, ultimately preventing tax values from soaring. However, doing so could potentially violate Maine law.
According to the KJ, "a revaluation is a community-wide update of assessed property values that are tied to market values and are the basis for annual tax bills."
If you're concerned that this could adversely effect you, it's best to contact your local municipal offices and ask them about plans for revaluations in your area.
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