A Little About Maine
Maine is best known for its iconic lighthouses, there are 71 in total. Unfortunately only 57 of the lighthouses are active. Some of the lighthouses are not accessible by land and one must take a boat tour to visit them.
New Property Tax Fairness Credit
The state’s property tax and rent refund “circuitbreaker” program was repealed as of August 21st, 2013. In its place the state has enacted a refundable property tax fairness credit that residents can claim when they file their taxes.
Residents must meet the following 4 requirements in order to qualify for the new credit:
- Resident of Maine for at least part of the year.
- Owned or rented a home in Maine and lived there for part of the year.
- Had a Maine adjusted gross income not exceeding $40K.
- Paid property tax on a home that equaled 10% or more of their AGI, or paid rent to live in a home/apartment that was 40% or more of their AGI.