Bill > H3004

This bill authorizes cities and towns to provide a property tax exemption for senior citizens aged 70 or older on their principal residence. The exemption allows municipalities to reduce the taxable value of a residential property by up to 35% of the average assessed value of residential properties in that locality, subject to certain conditions. To implement this exemption, the local board of selectmen or mayor must first approve it, with city council consent. The exemption can be applied only to the senior citizen's primary residence used for income tax purposes and is in addition to existing property tax exemptions. Importantly, the taxable property value cannot be reduced below 10% of its full cash value. The bill also extends this exemption to include condominium units and cooperative housing situations, where a senior citizen's share of a property can qualify. Senior citizens who believe they should receive the exemption can apply to local assessors, and the exemption will take effect only after a specific city or town formally accepts it through local legislative procedures.

Budget and Finance

https://malegislature.gov/Bills/194/H3004