Bill > H5145

This bill proposes to make permanent a senior means-tested property tax exemption in the town of Concord, Massachusetts. The key provisions of the bill include: 1. Establishing a property tax exemption for qualifying homeowners in Concord, equal to the total tax less 10% of the homeowner's gross income, with a cap of 50% of the total tax and a combined exemption of no more than 90% of the total tax. 2. Defining the eligibility criteria for the exemption, which includes income limits, age requirements, minimum residency in Concord, and a cap on the assessed value of the property. 3. Allowing the Select Board to annually adjust the total cap on the exemptions granted, within a range of 0.5% to 1% of the residential property tax levy, and to raise the total annual qualifying income percentage if necessary to stay within the cap. 4. Requiring homeowners to apply for the exemption each year and provide supporting documentation of their income and assets. 5. Establishing the process for the town to accept and potentially revoke the provisions of the bill through town meeting and voter approval. The bill aims to provide property tax relief for low-income seniors in Concord, while also managing the overall impact on the town's residential property tax levy.