Bill > S2018

This bill modifies existing Massachusetts law regarding property tax deferral for senior citizens, expanding the options for homeowners 65 years or older to defer property taxes under specific conditions. The bill allows seniors with income below a certain threshold to apply for a tax exemption and enter into a tax deferral and recovery agreement with local assessors. Under this agreement, seniors can postpone paying property taxes, with the deferred taxes accruing interest at a rate determined by the municipality's recent bond rate. The agreement includes several key protections: the total deferred taxes cannot exceed 50% of the property's value, heirs can inherit the property by paying the full taxes due, and surviving spouses can continue the deferral during their lifetime. The bill also requires assessors to notify property owners annually about their tax deferral balance and record a lien with the registry of deeds to secure the deferred taxes. The new provisions will apply to taxes assessed for fiscal years beginning on or after July 1, 2025, providing seniors with more flexibility in managing their property tax obligations while protecting their property ownership rights.

Budget and Finance

https://malegislature.gov/Bills/194/S2018