Bill > H5035

This bill establishes a senior property tax exemption for qualifying residential properties in the town of Grafton, allowing the select board to set the exemption amount annually, which must be between 50% and 200% of the applicant's prior year's circuit breaker income tax credit, a credit available to individuals who meet certain income and age requirements for property tax relief. To qualify, applicants must meet several criteria, including having income that would make them eligible for the circuit breaker credit, being at least 65 years old (or jointly 60 with one partner 65), owning and occupying the property as their domicile, having lived in Grafton and owned a home there for at least 10 consecutive years, and the property's assessed value not exceeding a certain limit set by the Department of Revenue. The board of assessors can deny an exemption if an applicant has excessive assets, and applications must be filed annually with supporting documentation. The exemption will be funded by shifting the tax burden within the residential tax levy, and it will expire after three years unless reauthorized by the town.

Budget and Finance

https://malegislature.gov/Bills/194/H5035