Bill > S2096

This bill establishes a means-tested property tax exemption for senior citizens in Massachusetts, allowing cities and towns to opt into the program. The exemption would apply to residential property owned by individuals 65 or older (or jointly owned with at least one person 60 or older) who have lived in the same city or town for at least 10 consecutive years. The tax reduction would be calculated by subtracting 10% of the homeowner's income and their previous year's circuit breaker income tax credit from their total property tax, with the exemption not reducing property taxes by more than 50%. Eligibility is based on income limits tied to the circuit breaker income tax credit, and the property's assessed value cannot exceed the local average single-family home value by more than 10%. The total exemptions granted in a city or town would be capped at 0.5-1% of the residential property tax levy, with the board of selectmen or city council determining the exact percentage annually. Applicants must file annually, providing documentation of income and assets, and the exemption would need to be re-accepted by the local government every three years. The exemption would only be implemented after the Department of Revenue certifies that the tax rate shift can be accommodated within the residential tax levy.

Budget and Finance

https://malegislature.gov/Bills/194/S2096