Bill > H2823

This bill provides municipalities with the option to freeze the residential tax rate or valuation for elderly residents who meet certain means-tested criteria. Specifically, the bill allows cities and towns to freeze taxes on real property owned and occupied by applicants who are of a certain age or older, have been domiciled in the municipality for at least 10 years, and have income and assets below a threshold determined by the local legislative body. The exemption is in addition to any other exemptions provided by law, and the real estate remains subject to the municipality's bonded indebtedness. The assessors can deny an application if they find the applicant has excessive assets that place them outside the intended recipients of the senior exemption.