Bill > H2477

This bill establishes a means-tested senior citizen property tax exemption in Massachusetts. The key provisions are: - The exemption applies to residential property owned and occupied by a person 65 years or older whose prior year's income did not exceed the income limit for the state's circuit breaker income tax credit. - The exemption amount is equal to the total property tax due, minus 10% of the owner's income and the amount of the circuit breaker tax credit. - The total exemptions granted in a city or town are capped at 0.5-1% of the residential property tax levy, and if the cap is reached, the exemption amount is reduced by raising the income percentage. - Homeowners must apply for the exemption each year and meet certain criteria related to age, income, asset limits, and length of residency in the city/town. - The exemption must be certified by the Department of Revenue before it can be implemented, and it expires every three years unless the city/town votes to re-accept it.

Budget and Finance

https://malegislature.gov/Bills/191/H2477