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Who is eligible for the Property Tax Fairness Credit? Homeowners or renters who meet all of the following requirements: Were Maine residents during any part of the tax year; Owned or rented a home in Maine during any part of the tax year and lived in that home during the year as a primary residence;
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SCHEDULE PTFC/STFC – Property Tax Fairness Credit & Sales Tax Fairness Credit Instructions (Form 1040ME, lines 25d and 25e) Who is eligible? You may qualify for the refundable Property Tax Fairness Credit up to $1,000 ($1,500 if you are 65 years of age or older)* if you meet all of the following:
As a result of recent changes in the law, the Tax Stabilization Program will only apply to the property tax year beginning April 1, 2023. However, this same legislation has expanded the eligibility thresholds for participation in the Property Tax Deferral Program and increased the maximum benefit available under the Property Tax Fairness Credit ...
tax return and claiming the property tax fairness credit must do so based on their joint income and on the property taxes paid or rent constituting property taxes paid during the tax year on their homestead in Maine.
The maximum Property Tax Fairness credit for those aged 65 or older is $1,500 for 2023 and will be $2,000 next year. Eligibility is based on your income and the amount of your property tax bill (the credit is based on portion of the tax bill that is over 4% of the applicant's income).
See instructions for the maximum income limitations. PROPERTY TAX FAIRNESS CREDIT (lines 4 through 15): 4. Enter the property tax you paid on your home in 2023. (See instructions.) 4. If you paid no property tax in 2023, skip to line 5a. 5. (a) Enter the rent you paid on your home in 2023. (See instructions.) 5a. If you paid no rent in 2023 ...
SCHEDULE PTFC – PROPERTY TAX FAIRNESS CREDIT INSTRUCTIONS Who is eligible? You may qualify for a refundable Property Tax Fairness Credit up to $300 ($400 if you are 70 years of age or older) if you meet all of the following: • You were a Maine resident during any part of the tax year;
