Bill > H5103

This bill authorizes the town of Reading to establish a property tax exemption for senior citizens, meaning it's based on their income and assets, to help reduce their property tax burden. To qualify, seniors must meet several criteria: they must own and occupy their home in Reading as their primary residence, have lived in town for at least 10 consecutive years, and their income must be low enough to qualify for the "circuit breaker" income tax credit, which is a state tax credit designed to help lower-income taxpayers afford their property taxes. Additionally, the assessed value of their home cannot exceed a certain limit, which is tied to the circuit breaker credit's maximum value. The amount of the exemption will be determined annually by the town's select board and will be a percentage of the senior's prior year's circuit breaker credit amount. The bill also specifies that the board of assessors can deny an exemption if an applicant has excessive assets, and the exemption will only be granted after the state's Department of Revenue certifies the tax rate, ensuring the cost is absorbed within the residential tax levy. This exemption is temporary and will expire three years after it is implemented.

Budget and Finance

https://malegislature.gov/Bills/194/H5103