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Maine Homestead Exemption
Home Valuation tools
Zillow.com Recommended! Wonderful tool that shows home values in your neighborhood. This link will take you to a listing of the average home value in your zip code. Just add your street address to get an estimate of the value of your house, and all others in your neighborhood. (Note: Does not serve all areas, and valuations are imperfect estimates only.)
Yahoo Real Estate offers comparable home sales in your neighborhood.
Almost every state provides protection for equity in the family home, and many states have increased the amount of protection in recent years. Seven states offer unlimited protection. Most states are not as generous.
New Federal Residency Requirement
Under the new bankruptcy law, you must be have lived in the state for at least 40 months (three years and four months) before you can claim any homestead protection greater than $160,375. (If your state's exemption offers less than this amount, the law is irrelevant to you.) The law is poorly worded but seems to say that if you move from one home to another in the same state, you can claim that state's homestead protection.
IF you are moving to another state, OR you moved to Maine within in the last two years, click here.
- ME Exemptions
- Real or personal property (including cooperative) used as residence to $47,500; if debtor has minor dependents in residence, to $95,000; if debtor over age 60 or physically or mentally disabled, $95,000 (joint debtors in this category may double); proceeds of sale exempt for six months
Me. Rev. Stat. Ann. tit. 14, § 4422 (1)