Bill > S1610

This bill aims to reduce the property tax burden on seniors by allowing cities and towns to accept a new paragraph that enables them to enter into tax deferral plans with the commonwealth, where the state would reimburse the municipality for property tax exemptions granted to eligible seniors, with the deferred taxes and 5% annual interest to be repaid to the commonwealth upon the owner's death. Additionally, the bill mandates that upon a city or town's acceptance, the board of assessors must annually reduce the property tax for individuals who are at least 70 years old before the fiscal year begins, 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 prior to them turning 70. The bill also introduces new provisions for securing unpaid personal property taxes by establishing a security interest in the taxed personal property, including after-acquired items and proceeds, which functions similarly to a security agreement under the Uniform Commercial Code (UCC) and becomes perfected upon non-payment of the tax after a demand is sent and a financing statement is filed with the state secretary, with associated fees for filing and continuation statements.