Bill > S1842

This bill creates a local option property tax cap for low-income seniors in Massachusetts. It allows cities and towns to impose a cap on property taxes for homeowners aged 65 or older, provided they meet certain income and asset requirements (single income of $50,000 or less, married income of $60,000 or less, and assets of $75,000 or less, excluding the primary residence and one vehicle). The assessments and tax rate changes for these qualified properties will be recalculated annually, and the lower calculation will prevail as the property tax levy for that year. The bill defines "income" as the adjusted gross income for federal income tax purposes, reduced by distributions from individual retirement accounts and annuities.