Sponsors seek return of senior property‑tax stabilization; assessors and municipalities warn of high cost

Sen. Jim Libby presented LD 1144, a proposal to reinstate a revised version of the property tax stabilization program for seniors that previously existed as LD 2 90, which the Legislature repealed last session. Libby said the bill would limit stabilizations to a single homestead per taxpayer, cap stabilized valuation to the first $900,000 of assessed value and allow municipalities to seek reimbursement of administrative costs.

Supporters described the program as a targeted option for seniors on fixed incomes facing steep increases in assessments. Tom Record, vice president of the Maine Association of Retirees, told the committee the prior stabilization law ‘‘was extremely popular with our members’’ and urged a fair, sustainable replacement. ‘‘Stabilization act that is fair and sustainable would be greatly appreciated by elderly homeowners,’’ Record said.

Sen. Libby said the bill was intended to avoid the abuses and runaway…