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An Act To Promote Sustainability in Home Ownership for First-time Home Buyers
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 36 MRSA §683, sub-§1, as amended by PL 2009, c. 213, Pt. YYY, §1 and affected by c. 652, Pt. A, §63, is further amended to read:
 
1. Exemption amount.   Except for assessments for special benefits, the just value of $10,000 of the homestead of a permanent resident of this State who has owned a homestead in this State for the preceding 12 months or who has owned a homestead in this State for less than 12 months and has completed a home ownership education course approved by the Maine State Housing Authority is exempt from taxation. In determining the local assessed value of the exemption, the assessor shall multiply the amount of the exemption by the ratio of current just value upon which the assessment is based as furnished in the assessor's annual return pursuant to section 383. If the title to the homestead is held by the applicant jointly or in common with others, the exemption may not exceed $10,000 of the just value of the homestead, but may be apportioned among the owners who reside on the property to the extent of their respective interests. A municipality responsible for administering the homestead exemption has no obligation to create separate accounts for each partial interest in a homestead owned jointly or in common.
 
SUMMARY
This bill expands the homestead property tax exemption to include homeowners who have owned a homestead for less than 12 months but have completed a state-approved home ownership education course.