Bill > H2798

This bill establishes a means-tested senior property tax exemption that cities and towns in Massachusetts can opt to adopt. The exemption would apply to the primary residence of seniors aged 65 or older who meet certain income and asset requirements, similar to the existing "circuit breaker" state income tax credit. The exemption amount would be set annually by the local Select Board or Mayor, within a range of 50-200% of the circuit breaker credit. The total exemption amount cannot exceed 1% of the municipality's tax levy, and would be allocated proportionally across all taxpayers. Applicants must apply annually and provide documentation of their income and assets, and the local Board of Assessors can deny applications if they find the applicant has excessive assets. The exemption cannot take effect until the Department of Revenue certifies that the total exemption amount is raised through a shift within the tax levy, rather than reducing overall revenue.