Bill > H3617

This bill amends the existing law on senior property tax deferral in Massachusetts. The key provisions are: 1. Expands the eligibility criteria for the senior property tax deferral program by increasing the gross receipt limit from the current amount determined by the Commissioner of Revenue to the income limit for a single individual or married couple filing jointly. 2. Requires the board of assessors to grant the property tax deferral if the owner enters into a tax deferral and recovery agreement, which includes provisions such as: (a) the deferred taxes and interest must be paid upon sale/transfer of the property or after the owner's death, (b) the deferred amount cannot exceed 50% of the property's fair market value, and (c) any joint owner or mortgagee must provide written approval. 3. Allows the deferred taxes and interest to be postponed during the lifetime of a surviving spouse who enters into a new tax deferral agreement. 4. Specifies the recording and lien procedures for the tax deferral agreements, as well as the interest rates and foreclosure process. The bill applies to taxes assessed for fiscal years beginning on or after July 1, 2019.

Budget and Finance

https://malegislature.gov/Bills/191/H3617