Bill > H2944

This bill creates a local option property tax cap for low-income seniors in Massachusetts. Under this bill, cities and towns can choose to impose a property tax cap for homeowners aged 65 or older, with income limits of $50,000 for single filers and $60,000 for married filers, and asset limits of $75,000 excluding the primary residence and one motor vehicle. The property tax assessment and rate changes for qualifying homeowners would be recalculated annually, and the lesser of the calculations would be used 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.