Bill > S2902

This bill authorizes cities and towns in Massachusetts to establish a property tax exemption for senior citizens, which is "mean tested," meaning it's based on income and assets. To qualify, a homeowner must be at least 65 years old (or one of a couple must be 65 and the other 60), have owned and lived in their home in that municipality for at least 10 consecutive years, and meet specific income and asset limitations that are tied to an existing state tax credit program (subsection (k) of section 6 of chapter 62). The assessed value of the home also cannot exceed a certain limit. The amount of the exemption will be determined annually by local officials and can be up to 200% of the maximum credit amount a senior qualified for in the previous year. Local governments can also set limits on total assets. Applications must be filed annually with supporting documentation. The bill also requires cities and towns to estimate and post any changes to the residential tax rate resulting from this exemption, and the exemption itself will expire after three years unless reauthorized, and can be revoked by the local legislative body.

Senate Committee on Ways and Means (Senate)

https://malegislature.gov/Bills/194/S2902