Bill > H4209

This bill authorizes the town of Truro to expand the exemption for residential property in the town. Specifically, it allows the town to grant a residential property tax exemption of up to 35% of the average assessed value of all class one residential parcels in the town, subject to certain conditions. The exemption is available for the principal residence of the taxpayer, as well as for residential parcels occupied year-round by other residents of the town. The town can adopt criteria to determine who qualifies as a resident. The exemption is in addition to any other exemptions allowed under state law, but the taxable valuation of the property cannot be reduced below 10% of its full and fair cash value. The bill also establishes a process for taxpayers to apply for the residential exemption. The exemption is effective starting in the fiscal year following the passage of the act.

Budget and Finance

https://malegislature.gov/Bills/191/H4209