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Tax Relief in Maine

Maine MapStatistics regarding personal finances in Maine with respect to taxes tend to put the state in the top quarter of nationwide rankings. For example, Maine’s top rate of 7.95% for state income tax ranks 9th highest among states with an individual income tax. Its average collection of $1070 in state and local taxes per resident places Maine in 14th highest place among all fifty states.

Similarly, Maine has the 11th highest average amount of collected property tax, with a rate of approximately $1,808 per capita.

However, Maine’s average federal tax per resident of $7,660 is the second lowest in the nation, more than $4,000 less than the national average. This is in spite of Maine having the 15th highest median household income in the United States, with a typical household earning $50,121 in a year. The state has seen an overall decline in that median household income at a rate of 7.7%.

Some Mainers find themselves in trouble as they look at their weekly income and struggle to afford basic necessities like food, rent, utilities, and gas for transportation to work and school; there is often nothing left over to set aside in a saving account for future tax bills. Tax relief strategies are gaining popularity in Maine as individual residents struggle to meet their tax obligations in light of unemployment, medical bills, and other financial difficulties.

Tax relief companies offer clients the ability to avoid the stress of knowing they owe money to the IRS or to state collection agencies, and the possibility of having their assets seized or their wages garnished. Experts in tax relief are able to employ a number of tools in their clients’ behalf, such as offers in compromise, traditional installment agreements, negotiation of penalty abatement, and tax return amendment and review.

 

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Published:  Wed, 18 Jul 2018 03:00:00 GMT



Puzzled by property taxes: Improving transparency and fairness in Illinois' assessment system

Property taxes should be based on the full value of the property ... the assessment process where errors can potentially be introduced. The state assessor of Maine once described it as "an unnecessary ...

Published:  Fri, 20 Jul 2018 07:43:00 GMT



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