Bill > S1693

This bill proposes the establishment of a special commission to investigate the feasibility of creating a state property tax deferral program for individuals aged 65 and older. The commission would design a 3-year pilot program to determine the participation rate and the size of a revolving loan fund needed to administer a statewide deferral program. The key features of the proposed pilot program include identifying an area with 10,000 eligible households, allowing homeowners age 65 and older to defer property taxes until the deferred amount reaches 60% of the home's assessed value, setting an interest rate on deferred taxes based on the state's borrowing cost, and the state retaining a lien on the property to be repaid within a year of the homeowner's death or sale of the home. The commission would also review the experiences of other states and consider various policy aspects, such as the economic impact on taxpayers and administrative costs, before submitting its recommendations by the end of 2022.

Budget and Finance

https://malegislature.gov/Bills/191/S1693