The Property Tax Fairness Credit went into effect on January 1, 2014 and replaces the “Circuitbreaker” Property Tax and Rent Refund, and should be filed through the State of Maine taxes, even if you don’t normally file for taxes.
When completing your taxes this year, you should be aware that you may be eligible for a credit of up to $300 if you are 69 or younger and up to $400 if you are over the age of 70.
- Due to stricter eligibility limits, many fewer people will get help with their property taxes or rent.
- The credit is “refundable.” This means that you can get the help, even if you owe nothing in taxes (or owe less than the amount of the credit).
There are four eligibility requirements for the program:
- 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;
- Had Maine adjusted gross income of not more than $40,000; and;
- Paid property tax on a home in Maine during the tax year that was more than 10% of Maine adjusted gross income or paid rent to live in a home or apartment in Maine during the tax year that was more than 40% of Maine adjusted gross income.
How does someone apply for the refundable credit?
To claim the credit, an applicant must file the 2013 Form 1040ME and the Property Tax Fairness Credit Worksheet.
Forms can be downloaded from the Maine Revenue Services web site at http://www.maine.gov/revenue/forms or by calling 207-624-7894 to request that a form be mailed.
Free Tax Help at the Curtis Library
Free Tax preparation assistance through AARP volunteers will be available at the Curtis Library beginning February 3 and we are currently taking appointments.
Call the Reference Desk at 725-5242 ext. 510.