Bill > H3252

This bill modifies the definition of "Real estate tax payment" in Massachusetts tax law to provide expanded property tax relief for older adults by broadening what expenses can be included when calculating tax credits. The updated definition now allows taxpayers to include not just property taxes, but also 50% of water and sewer charges in communities where such debt service charges are not separately assessed, and 50% of homeowners insurance costs, regardless of whether the insurance is required by a mortgage lender. For multi-unit dwelling owners, the calculation will include the proportional share of taxes, water and sewer charges, and insurance costs for their specific unit, with specific procedures to be established by tax authorities. This change aims to provide additional financial relief to homeowners, particularly older adults, by recognizing a wider range of housing-related expenses in tax credit calculations and helping to address the rising costs of homeownership.

Budget and Finance

https://malegislature.gov/Bills/194/H3252