Governor Ceremonially Signs Legislation to Help Keep Seniors in Their Homes

AUGUSTA, ME – May 19, 2010 – (RealEstateRama) — Governor John E. Baldacci held a State House ceremony today to celebrate passage of LD 1121, “An Act to Protect Elderly Residents from Losing Their Homes Due to Taxes or Foreclosure.” The law, sponsored by Rep. Kathleen Chase (R-Wells), allows municipalities to pass local ordinances enabling eligible seniors to defer property taxes for a period of time. “Many elderly residents on fixed incomes, especially those in lake and coastal communities, just want the ability to stay in the homes they have worked so hard to maintain,” said Governor Baldacci. “This law provides an important tool to communities to help qualifying Maine seniors stay in their homes.” Under the legislation, to qualify for this deferral, seniors must be at least 70 years old, occupy their residence, have lived in their home for at least 10 years and have a household income of less than 300 percent of the federal poverty level.