Bill > H3241

This bill establishes a senior property tax deferral pilot program in Massachusetts that will allow approximately 2,000 seniors to defer their property tax payments under specific conditions. The program aims to be demographically representative of the state's homeownership population and will be available to homeowners 65 years or older who have owned and occupied their property in Massachusetts for at least 5 years. Participants can defer property taxes by entering into an agreement with their local board of assessors, with taxes plus interest not exceeding 60% of the first $1,000,000 of the property's assessed value. The program will be funded through state bonds totaling up to $81,500,000 and will provide declining annual funding from $13,200,000 in 2026 to $7,200,000 in 2035. Homeowners must opt-in annually and receive approval, with the agreement including provisions about tax repayment upon property sale or death of the owner. The Division of Local Services will manage the program, report annually on its progress, and will terminate the pilot program if a statewide senior property tax deferral program is enacted. The goal is to provide financial relief to senior homeowners by allowing them to defer property tax payments while ensuring eventual repayment of those taxes.

Budget and Finance

https://malegislature.gov/Bills/194/H3241