Maine Revised Statutes > Title 5 > Part 2 > Chapter 67 – Tax-Deferred Arrangement
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Terms Used In Maine Revised Statutes > Title 5 > Part 2 > Chapter 67 - Tax-Deferred Arrangement
- Adult: means a person who has attained the age of 18 years. See Maine Revised Statutes Title 1 Sec. 72
- Allegation: something that someone says happened.
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
- Benefit base: means property taxes accrued or rent constituting property taxes accrued. See Maine Revised Statutes Title 36 Sec. 6201
- board: means the Maine Board of Tax Appeals as established in Title 5, section 12004?B, subsection 10. See Maine Revised Statutes Title 36 Sec. 111
- Budget authority: Authority provided by law to enter into obligations that will result in outlays of Federal funds. Budget authority may be classified by the period of availability (one-year, multiyear, no-year), by the timing of congressional action (current or permanent), or by the manner of determining the amount available (definite or indefinite).
- Bureau: means the Bureau of Revenue Services. See Maine Revised Statutes Title 36 Sec. 6250
- Bureau: means the Bureau of Revenue Services, which may be referred to as "Maine Revenue Services. See Maine Revised Statutes Title 36 Sec. 111
- Claimant: means an individual who has filed a claim under this chapter and who was domiciled in this State and occupied a homestead in this State during the entire year for which a claim for relief under this chapter is filed. See Maine Revised Statutes Title 36 Sec. 6201
- Code: means the United States Internal Revenue Code of 1986 and amendments to that Code as of December 31, 2022. See Maine Revised Statutes Title 36 Sec. 111
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Devise: To gift property by will.
- Disability: means a permanent and total impairment or condition that prevents an individual from being employed as determined by an agency of this State or of the Federal Government or pursuant to routine technical rules adopted by the State Tax Assessor. See Maine Revised Statutes Title 36 Sec. 6250
- Elderly household: means a household in which, during the year for which relief is requested:
A. See Maine Revised Statutes Title 36 Sec. 6201Eligible homestead: means the owner-occupied principal dwelling, either real or personal property, owned by a taxpayer and the land upon which it is located. See Maine Revised Statutes Title 36 Sec. 6271 Eligible homestead: means a homestead occupied by an eligible individual who is eligible for a homestead exemption under chapter 105, subchapter 4?B for the property tax year for which the individual is requesting stabilization. See Maine Revised Statutes Title 36 Sec. 6281 Eligible individual: means an individual who, on April 1 of the property tax year for which the individual is requesting stabilization:
(1) Is 65 years of age or older; and
(2) Is a permanent resident of the State as defined in section 681, subsection 4 and has owned a homestead in the State for at least 10 years. See Maine Revised Statutes Title 36 Sec. 6281Executive session: A portion of the Senate's daily session in which it considers executive business. Federal poverty level: means the nonfarm income official poverty line for a family of the size involved, as defined by the federal Office of Management and Budget and revised annually in accordance with the United States Omnibus Budget Reconciliation Act of 1981, Section 673, Subsection 2. See Maine Revised Statutes Title 36 Sec. 6271 Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it. Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. Gross rent: means rental paid at arm's length solely for the right of occupancy of a homestead, exclusive of charges for any utilities, services, furniture, furnishings or personal property appliances furnished by the landlord as part of the rental agreement, whether or not expressly set out in the rental agreement. See Maine Revised Statutes Title 36 Sec. 6201 Homestead: means the dwelling owned or rented by the claimant or held in a revocable living trust for the benefit of the claimant and occupied by the claimant and the claimant's dependents as a home, and may consist of a part of a multidwelling or multipurpose building and a part of the land, up to 10 acres, upon which it is built. See Maine Revised Statutes Title 36 Sec. 6201 Homestead: includes the taxpayer-occupied principal dwelling and up to 10 contiguous acres upon which it is located that is held in a revocable living trust for the benefit of the taxpayer. See Maine Revised Statutes Title 36 Sec. 6250 Household: means a claimant and spouse and members of the household for whom the claimant under this chapter is entitled to claim an exemption as a dependent under Part 8 for the year for which relief is requested. See Maine Revised Statutes Title 36 Sec. 6201 household: means a claimant and spouse and all other individuals for whom the claimant under this chapter is entitled to claim a credit as a dependent or qualifying child under section 5219?SS for the year for which relief is requested. See Maine Revised Statutes Title 36 Sec. 6271 Household income: means all income received by all persons of a household in a calendar year while members of the household. See Maine Revised Statutes Title 36 Sec. 6201 Household income: means all income received by all persons of a household in a calendar year while members of the household. See Maine Revised Statutes Title 36 Sec. 6271 Household income eligibility adjustment factor: means one plus the annualized cost-of-living adjustments for Social Security retirement benefits during the year for which relief is requested. See Maine Revised Statutes Title 36 Sec. 6201 Income: means Maine adjusted gross income determined in accordance with Part 8, modified as provided by this subsection. See Maine Revised Statutes Title 36 Sec. 6201 Inter vivos: Transfer of property from one living person to another living person. Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff. Liquid asset: means something of value available to an individual that can be converted to cash in 3 months or less and includes:
A. See Maine Revised Statutes Title 36 Sec. 6250Mortgagee: The person to whom property is mortgaged and who has loaned the money. Municipal officers: means the mayor and municipal officers or councilors of a city, the members of the select board or councilors of a town and the assessors of a plantation. See Maine Revised Statutes Title 1 Sec. 72 Municipality: means a city, town, plantation or the unorganized territory. See Maine Revised Statutes Title 36 Sec. 6250 National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC Notice: means written notification served personally, sent by certified mail or sent by first-class mail to the last known address of the person for whom the notification is intended. See Maine Revised Statutes Title 36 Sec. 111 Owned: includes a vendee in possession under a land contract and of one or more joint tenants or tenants in common and includes possession under a legally binding agreement that allows the owner of the dwelling to transfer the property but continue to occupy the dwelling as a home until some future event stated in the agreement. See Maine Revised Statutes Title 36 Sec. 6201 Permanent incapacity: means a guardian or conservator has been appointed by a court of competent jurisdiction to manage the affairs of an office holder. See Maine Revised Statutes Title 30-A Sec. 1 Person: means an individual, firm, partnership, association, society, club, corporation, financial institution, estate, trust, business trust, receiver, assignee or any other group or combination acting as a unit, the State or Federal Government or any political subdivision or agency of either government. See Maine Revised Statutes Title 36 Sec. 111 Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way. Probate: Proving a will Program: means a tax deferral program adopted by a municipality pursuant to subsection 2. See Maine Revised Statutes Title 36 Sec. 6271 property taxes: means ad valorem taxes, assessments, fees and charges entered on the assessment and tax roll. See Maine Revised Statutes Title 36 Sec. 6250 property taxes: means ad valorem taxes, assessments, fees and charges entered on the assessment and tax roll. See Maine Revised Statutes Title 36 Sec. 6271 Property taxes accrued: means property taxes exclusive of special assessment, delinquent interest and charges for service levied on a claimant's homestead in this State as of April 1, 1972, or any tax year thereafter. See Maine Revised Statutes Title 36 Sec. 6201 Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government. Rent constituting property taxes accrued for an elderly household: means 25% of the gross rent actually paid in cash or its equivalent in any tax year by a claimant and the claimant's household solely for the right of occupancy of their Maine homestead in the tax year and which rent constitutes the basis, in the succeeding calendar year, of a claim for relief under this chapter by the claimant. See Maine Revised Statutes Title 36 Sec. 6201 Rent constituting property taxes accrued for nonelderly household: means 20% of the gross rent actually paid in cash or its equivalent in any tax year by a claimant and the claimant's household solely for the right of occupancy of their Maine homestead in the tax year and which rent constitutes the basis, in the succeeding calendar year, of a claim for relief under this chapter by the claimant. See Maine Revised Statutes Title 36 Sec. 6201 Return: means any document, digital file or electronic data transmission containing information required by this Title to be reported to the State Tax Assessor. See Maine Revised Statutes Title 36 Sec. 111 Stabilize: means to maintain the property tax billed to an eligible individual for the individual's eligible homestead at the amount billed for that homestead for the property tax year preceding the property tax year for which the individual is requesting stabilization. See Maine Revised Statutes Title 36 Sec. 6281 Tax: means the total amount required to be paid, withheld and paid over or collected and paid over with respect to estimated or actual tax liability under this Title, any credit or reimbursement allowed or paid pursuant to this Title that is recoverable by the assessor and any amount assessed by the assessor pursuant to this Title, including any interest or penalties provided by law. See Maine Revised Statutes Title 36 Sec. 111 Tax-deferred property: means the property upon which taxes are deferred under this chapter. See Maine Revised Statutes Title 36 Sec. 6250 Tax-deferred property: means the property upon which taxes are deferred under this chapter. See Maine Revised Statutes Title 36 Sec. 6271 Taxpayer: means an individual who has filed a claim for deferral under this chapter or individuals who have jointly filed a claim for deferral under this chapter. See Maine Revised Statutes Title 36 Sec. 6250 Taxpayer: means an individual who is responsible for payment of property taxes and has applied to participate or is currently participating in the program under this chapter. See Maine Revised Statutes Title 36 Sec. 6271 unit: refers to the parcel of property separately assessed of which the homestead is a part. See Maine Revised Statutes Title 36 Sec. 6201 Year for which relief is requested: means the calendar year preceding that in which the claim is filed. See Maine Revised Statutes Title 36 Sec. 6201