Bill > S1916

This bill authorizes the establishment of a means-tested senior citizen property tax exemption. The key provisions are: 1. Real property owned and occupied by seniors (age 65 or older) who are eligible for the state's "circuit breaker" income tax credit can receive an exemption on their property taxes, with the exemption amount set annually by the local board of assessors between 0.5 and 2 times the amount of the senior's circuit breaker credit. 2. Seniors must have been domiciled and owned a home in the jurisdiction for at least 10 consecutive years to qualify for the exemption. 3. The total amount exempted under this act cannot exceed 1% of the total tax levy and must be allocated proportionally within the residential tax levy. 4. Seniors must apply annually for the exemption, providing documentation of their income and assets, and the local board of assessors can deny the exemption if the applicant has excessive assets. 5. The exemption cannot be granted until the state Department of Revenue certifies that the total exemption amount will be raised through a burden shift within the residential tax levy, rather than reducing overall tax revenue.

Budget and Finance

https://malegislature.gov/Bills/192/S1916