Bill > H3114

This bill establishes a Senior Property Tax Deferral program that allows homeowners aged 65 and older to defer their property taxes under specific conditions. The program creates a new revolving fund with $450 million to provide loans to cities and towns equal to 100% of deferred property taxes. Eligible seniors can opt to defer property taxes on their primary residence, including cases where they own property jointly with a spouse or another non-spouse owner, provided they have owned and occupied a Massachusetts property for at least 5 years. The tax deferral agreement includes provisions that taxes plus interest cannot exceed 60% of the property's value, and that deferred taxes will be repaid upon sale of the property or the owner's death, with special protections for surviving spouses. The bill requires property tax bills to include a checkbox for homeowners to opt into the deferral program, and mandates that the Department of Revenue annually report on the fund's expenditures, including revenue, administrative costs, and loans to municipalities. To fund the program, the state treasurer is authorized to issue up to $450 million in bonds, which will be general obligations of the commonwealth, with a maximum term of 30 years and a final payoff date of June 30, 2058.

Budget and Finance

https://malegislature.gov/Bills/194/H3114