Bill > S1841

This bill establishes a senior property tax deferral pilot program in Massachusetts. The key provisions are: 1. The program will be comprised of approximately 10,000 eligible households across a representative set of municipalities, allowing for around 2,000 participants. 2. Eligible seniors (age 65+) who have owned and occupied their property for at least 5 years can defer their property taxes up to 60% of the first $1,000,000 in assessed value. 3. The deferred taxes, plus interest, must be repaid when the property is sold or transferred, or upon the owner's death (with exceptions for surviving spouses). 4. The program will be administered by the Massachusetts Department of Revenue, which will provide annual reports on the program's revenue, expenditures, and loans to municipalities. 5. The pilot program will terminate upon the enactment of a substantially similar statewide senior property tax deferral program, at which point participants will be automatically enrolled. 6. The bill authorizes the state treasurer to issue up to $81.5 million in bonds to fund the pilot program over the next 10 years.

Budget and Finance

https://malegislature.gov/Bills/193/S1841