Bill > S1390

This bill proposes to amend Chapter 59 of the General Laws to provide property tax relief for retired persons by allowing cities and towns to accept a new section that caps property taxes on a qualified person's principal residence. A "qualified person" is defined as an elderly or disabled individual receiving specific retirement or disability benefits, or a fixed income below a certain threshold, and who does not receive supplemental income. A "qualified principal residence" is a home where a qualified person owns at least a 51% interest. Once a city or town accepts this section, the property tax owed by a qualified person will be the lesser of the actual tax due or their "base tax," which is the property tax owed when the section was accepted or when they first qualified. This base tax can be adjusted upwards to reflect any increases in property value due to improvements made to the residence.