Bill > H2872

This bill authorizes the establishment of a means-tested senior citizen property tax exemption. The key provisions are: 1. It allows for a property tax exemption on the domicile of qualifying taxpayers aged 65 or older who meet certain income and residency requirements, including having received the "circuit breaker" income tax credit in the prior year, owning the property for at least 10 consecutive years, and having the application approved by the local board of assessors. 2. The exemption amount is set annually by the board of assessors, ranging from one-half to twice the amount of the "circuit breaker" tax credit received in the prior year, with the total exemption not exceeding 1% of the total tax levy. 3. Applicants must file for the exemption each year and provide documentation of their income and assets, which the assessors can use to deny the exemption if the applicant has excessive assets. 4. No exemption can be granted until the Department of Revenue certifies that the total exemption amount is raised through a burden shift within the residential tax levy.