With the increase of the percentage of Maine property tax that owners have to pay, people are finding ways on how to reduce this amount in every possible way.
Property tax is the leading source of the state and local government funds. About 41% of the total revenue of the state comes from it while sales tax makes up 22% and personal and corporate income tax make up the remaining 37% for its major taxes. Properties which are near water resources like beach or lake usually has higher tax percentage. The local assessors are the people responsible for determining the value of the property. Based from their assessment, the amount that needs to be paid by the owners will then be determined. If you own a property in Maine and you’re finding ways on how to lower the amount of tax that you need to pay, there are two tools that can help you attain this. These are current use taxation program and conservation easements. Current use taxation program can help lower the property tax if you conserve forests, farms and open spaces included in your property. You don’t have to sign a deed for this category though you will be required to pay for penalties if you sell the property or use it in a way which contradicts the program’s purpose. With conservation easements, a deed is signed between the government agency and you, which permanently restricts your property use. Public use is normally not allowed for this program and development on your property will be limited.
If you’re interested in these programs, you may go to your local government to learn more about these and take advantage of the percentage that you can save from property tax.