Bill > H3099

This bill allows cities and towns to establish an optional property tax exemption for senior citizens based on income and other criteria. The exemption would apply to residential properties owned and occupied by seniors aged 65 or older (or 60 if jointly owned), who have lived in the municipality for at least 10 consecutive years and qualify for the "circuit breaker" income tax credit (a state tax relief program for low-income seniors). The amount of the exemption can be set between 50% and 200% of the previous year's circuit breaker credit amount, and would be determined annually by the local Board of Assessors, City Council, or Select Board. To qualify, applicants must file an annual application with documentation of income and assets, and the property's assessed value must be below a certain threshold. The exemption is in addition to other existing property tax exemptions and would be proportionally allocated across residential taxpayers or through the Assessors' Overlay account. The exemption can only be implemented after the Department of Revenue certifies the residential tax rate for the year, and municipalities must actively choose to adopt this optional tax relief measure.

Budget and Finance

https://malegislature.gov/Bills/194/H3099