Bill > H4225

This bill authorizes the town of Marblehead to create a means-tested property tax exemption specifically for senior citizens. The exemption will apply to residential property owned by seniors who meet several specific criteria: they must be at least 60 years old (with at least one owner being 65 or older), have lived and owned a home in Marblehead for at least 10 consecutive years, have a household income below a limit set by the select board, and own a home with an assessed value not exceeding the prior year's average single-family home value in the town. The tax exemption will be calculated by subtracting 10% of the applicant's income, their circuit breaker income tax credit, and other existing property tax reliefs from the total property tax and 50% of annual water and sewer expenses. The select board will establish annual caps on the exemption amount, and applicants must file a new application each year. The board of assessors can deny applications for individuals with excessive assets, and if the total exemptions would exceed the set cap, benefits will be reduced proportionally. The exemption is designed to provide additional financial relief to long-term senior residents of Marblehead and will take effect immediately upon passage.

Budget and Finance

https://malegislature.gov/Bills/194/H4225