The Mills Administration is launching a loan program to help Mainers over 65 and those who are permanently disabled pay their property taxes and remain in their homes. $3.5 million from the federal American Rescue Plan is funding the State Property Tax Deferral Program. Sen. Donna Bailey, who sponsored the bill that paved the way for the program, said until now it had legislative support, but no funding.
"I'm very enthusiastic in that this will be a successful program in that it will help many Mainers stay in their homes...and that hopefully we can get it to the finish line, so that in terms of funding it becomes self sustainable," Bailey said.
Homeowners who are 65 or older or permanently disabled and make less than $40,000 a year can now apply for a loan. The program does require repayment of a loan once a home is sold or becomes part of an estate. Senator Bailey estimates the $3.5 million in funding will cover two to three years of property tax loans for residents who qualify.
