Bill > S1351

This bill proposes to amend Massachusetts General Laws Chapter 62, Section 6, specifically subsection (k), to modify the existing senior property tax credit. The key provision is that an owner or tenant of residential property in Massachusetts who is 65 years of age or older, not claimed as a dependent by another taxpayer, and who lives in the property as their primary home, will be eligible for a tax credit. This credit will be equal to the amount by which their real estate tax payment, or the portion of their rent that represents real estate tax, exceeds 8% of their total income. However, this credit is capped at a maximum of $1,000. This change aims to provide financial relief to eligible seniors by reducing their property tax burden when it becomes a significant portion of their income.