Bill > S2900

This bill allows cities and towns to offer tax relief to residents by providing rebates to those who received the residential exemption in the previous fiscal year. The residential exemption is a reduction in property taxes for owner-occupied primary residences. To be eligible for these new rebates, a city or town must first vote to accept this section of the law. If accepted, the municipality can set its own criteria, such as income or asset limits, to determine who qualifies for the rebate. The city or town will need to allocate funds for these rebates, and the amount each eligible taxpayer receives will be the same, determined by the total amount appropriated and the estimated number of eligible residents. These rebates are separate from and in addition to any other tax exemptions a homeowner might already receive. To receive the rebate, taxpayers will need to apply each year before a deadline set by the city or town, providing documentation of their income, assets, and other information required by the application form, which will be created by the board of assessors.

Senate Committee on Ways and Means (Senate)

https://malegislature.gov/Bills/194/S2900