Bill > H4107

This bill authorizes the town of Lincoln, Massachusetts to establish a means-tested senior citizen property tax exemption program. The key provisions of the bill are: - It defines the terms "town", "parcel", and "income" for the purpose of the exemption. - It provides an exemption from property taxes equal to the total tax less 10% of the applicant's income and the circuit breaker income tax credit they were eligible for in the prior year, with the total exemption not to exceed 50% of the property taxes. - The assessors can deny the exemption if the applicant has excessive assets that place them outside the intended recipients. - To qualify, the applicant must meet certain criteria, including having an income below a specified limit, being age 65 or older (or with a joint applicant 60 or older), residing in the property as their domicile, and having been domiciled in Lincoln for at least 5 consecutive years. - The total exemption amount is capped at 0.5% to 1% of the town's residential property tax levy, with the benefit allocated proportionally if the cap is exceeded. - The exemption must be re-applied for every 3 years and requires certification from the Department of Revenue before implementation.

Budget and Finance

https://malegislature.gov/Bills/192/H4107