Bill > S1937

This bill establishes a means-tested senior citizen property tax exemption in Massachusetts. The key provisions are: 1. The income limit for the exemption is set at $80,000 or the prior year's circuit breaker income tax credit limit, whichever is greater. 2. The exemption amount is equal to the total property tax less 10% of the applicant's income and the prior year's circuit breaker tax credit, up to a 50% reduction in property taxes. 3. The exemption is available to homeowners aged 65 or older who have resided in the same city or town for at least 10 years, with a maximum assessed home value limit. 4. The total exemption amount is capped at 0.5-1% of the city/town's residential property tax levy, with the exemption amount allocated proportionally among all residential taxpayers if the cap is exceeded. 5. The exemption must be re-applied for every three years, and cities/towns can re-accept the exemption program for additional three-year intervals.

Budget and Finance

https://malegislature.gov/Bills/192/S1937