Bill > S2917

This bill proposes to amend Chapter 59 of the General Laws by adding a new section, 5P, to create a "Tax shock prevention credit" for eligible homeowners in Massachusetts. A "tax shock year" is defined as a fiscal year where the increase in the residential property tax levy, excluding new growth, is projected to exceed 10 percent. "Eligible tax shock property" includes properties that qualify as "senior qualifying property" (owner 65 or older, with potential income and asset limits set by the municipality), "MassHealth qualifying property" (owner's household includes someone enrolled in MassHealth), "unemployment qualifying property" (owner's household includes someone receiving unemployment benefits for at least 12 weeks), "young family qualifying property" (owner's household includes a child under 6, with potential income, asset, and age expansion limits set by the municipality), or "high need neighborhood qualifying property" (located within a qualified census tract). If a city or town accepts this section, they can award these credits to eligible property owners, which can cover up to 50 percent of the difference between the actual tax bill and the preliminary tax bill. The credit is applied to actual tax bills, with specific distributions for cities issuing two actual tax bills. To be effective, a city or town must accept this section before mailing actual tax bills, certify that funds are available for the credits, and receive approval from the division of local services, without altering the overall property tax levy limit.

https://malegislature.gov/Bills/194/S2917