In my job as a Maine real estate broker, questions about Vacationland, especially by folks thinking of retiring, relocating, moving here come up.
Maine’s sale tax if five percent. A pack of cigarettes in Maine gets taxed two dollars per package of 20. What about personal income, pensions and how the state of Maine retirement income is figured….learn more on Maine taxes.
What about Maine property taxes? All Maine real estate and personal property of ME residents is subject to local and, if authorized by the legislature, state property taxes. Local property taxes, based upon assessed valuation, are assessed, levied and collected by municipalities. Homestead and veteran’s exemption programs, administered by the state, are available to reduce property taxes for those who qualify. The Homestead Exemption program provides a measure of property tax relief for certain individuals that have owned homestead property in Maine for at least 12 months and make the property they occupy on April 1st their permanent residence.
Property owners receive an exemption of $10,000 on the assessed value of their home. A Veteran exemption of $6,000 is available to those who served during a recognized war period, are 62 years or older, are receiving 100% disability as a veteran or became 100% disabled while serving. Paraplegic veterans who received a federal grant for a specially adapted housing unit may receive a $50,000 exemption. A blind exemption of $4,000 is available to those who are legally blind.
What about the Maine inheritance tax on your estate upon your death, dying?
There is no Maine inheritance tax.
Maine has partially decoupled from the federal estate tax law. The amount exempt from the Maine estate tax is different from the amount exempt from federal estate tax. A decedent would have their estate exempt for up to $1,0000,000.
FAQ Maine weather questions about our winters, why ME real estate is so low come up often too. Also, surprise from folks moving to Maine about how cheap car insurance is due to less people, 4th best crime statistic in the country too.