Bill > H3731

This bill proposes to make permanent a senior means-tested property tax exemption in the town of Concord. The key provisions of the bill include: 1. Providing a property tax exemption of up to 50% of the total tax for qualifying parcels owned and occupied by seniors (aged 65 or older) whose prior year's gross income does not exceed the published income limit of the circuit breaker income tax credit. 2. Allowing the board of assessors to deny the exemption if the applicant has excessive assets that place them outside the intended recipients of the exemption. 3. Establishing a dollar cap on the total exemptions granted, initially set at 0.5% of the fiscal year's total residential property tax levy for Concord, with the ability to adjust the cap annually within a range of 0.5% to 1% of the residential property tax levy. 4. Requiring applicants to file for the exemption each year and provide supporting documentation of their income and assets. 5. Specifying the process for the town of Concord to accept and potentially revoke the provisions of the bill through town meeting and ballot votes. The bill aims to provide property tax relief for qualifying senior residents of Concord while also managing the overall impact on the town's residential property tax levy.

Budget and Finance

https://malegislature.gov/Bills/192/H3731