Bill > H3234

This bill allows cities and towns in Massachusetts to create a property tax cap specifically designed for low-income seniors aged 65 and older. Under this local option provision, municipalities can choose to implement a property tax limitation for seniors who meet specific income and asset criteria: single seniors must have incomes of $50,000 or less, married seniors must have incomes of $60,000 or less, and total assets must be $75,000 or less (not including their primary residence and one motor vehicle). The property tax for qualifying seniors would be calculated annually by determining the lesser of two calculations, effectively creating a potential reduction in their annual property tax burden. For income determination purposes, the bill defines income as the applicant's adjusted gross income from federal tax returns, with certain adjustments such as subtracting distributions from individual retirement accounts. This legislation provides a flexible tool for local governments to offer financial relief to senior homeowners with limited income and assets, helping them manage their property tax expenses during retirement.

Budget and Finance

https://malegislature.gov/Bills/194/H3234