Bill > S1451

This bill aims to reduce the tax burden on seniors by allowing cities and towns to accept a tax deferral plan where the Commonwealth pays the amount of property tax exemptions granted to seniors, with the deferred taxes and interest to be repaid to the Commonwealth upon the owner's death. Additionally, it mandates that upon acceptance by a city or town, the board of assessors must annually reduce the property tax for individuals who are at least 70 years old, have resided in the municipality for 30 years or more, and occupy the property as their primary residence, to the amount of tax due in the fiscal year before they turned 70. The bill also introduces new provisions for securing unpaid personal property taxes, establishing them as a security interest in the taxed personal property and after-acquired goods, which can be perfected and enforced under the Uniform Commercial Code (UCC), a set of laws governing commercial transactions. This security interest is perfected if the tax remains unpaid for 14 days after a demand and a financing statement is filed with the state secretary, with associated fees for filing and preparation. The security interest terminates upon full payment or abatement of the taxes, interest, and fees, requiring the filing of a termination statement. The bill also allows for the assignment of these tax receivables and security interests, with UCC provisions governing assignments taking precedence in case of conflict. Finally, it specifies that the act will take effect on January 1, 2015.