Bill > S2022

This bill proposes establishing a special commission to investigate and design a 3-year pilot property tax deferral program for Massachusetts residents aged 65 and older. The commission will include representatives from various legislative committees, state agencies, and senior advocacy organizations, and will explore creating a program that allows eligible homeowners to defer property tax payments until their accumulated deferrals, interest, and mortgage reach 60% of their property's assessed value. The pilot program would cover 10,000 households, allow homeowners to opt-in through their tax bills, and involve the Massachusetts Department of Revenue sending participating municipalities the equivalent of deferred taxes. The state would maintain a lien on the property, with repayment required within one year of the homeowner's death or property sale, and the interest rate would be based on state borrowing costs. The commission will examine potential economic impacts, administrative expenses, eligibility requirements, and learn from other states' experiences, with a requirement to submit recommendations and draft legislation by December 31, 2026. The goal is to understand how many seniors would use such a program and determine the appropriate size of a revolving loan fund to support it.

Budget and Finance

https://malegislature.gov/Bills/194/S2022