Bill > S2899

This bill, titled "To prevent property tax bill shocks," proposes to amend Chapter 59 of the General Laws by adding a new section, 5P, which allows cities and towns to offer "tax shock prevention credits" to eligible property owners. A "tax shock year" is defined as a fiscal year where the increase in the residential property tax levy, excluding new growth, is more than 10 percent compared to the previous year. "Eligible tax shock property" includes properties that qualify as senior, MassHealth, unemployment, young family, or high need neighborhood properties, with specific criteria outlined for each, such as age and income for seniors, MassHealth enrollment, unemployment benefit receipt, presence of a young child, or location within a qualified census tract for the respective categories. These credits can be applied to actual tax bills and can cover up to 50 percent of the difference between the actual tax bill and the preliminary tax bill, with specific provisions for how the credit is applied across two actual tax bills if applicable. To implement these credits, a city or town must accept the provisions of this section before mailing actual tax bills, certify that funds are available to cover the credit costs, and receive approval from the division of local services, without altering the overall property tax levy limit.

Senate Committee on Ways and Means (Senate)

https://malegislature.gov/Bills/194/S2899