Bill > S1550

This bill proposes to amend Section 5 of Chapter 59 of the General Laws, which deals with property taxes, to provide a property tax reduction for certain senior citizens. Specifically, if a city or town accepts this provision, the board of assessors will be required to annually lower the property tax for individuals who are at least 65 years old before the start of the fiscal year for which the tax is levied, have resided in that city or town for 25 years or more, and occupy the property as their primary residence, either alone or with their spouse. The reduced tax amount will be equivalent to the tax owed in the fiscal year immediately preceding the individual turning 65.