Bill > S1555

This bill, titled "Relative to home modifications for seniors," proposes an amendment to Chapter 59 of the General Laws to create a new section, Section 5O, which would allow cities and towns to exempt certain seniors from increased real property taxes resulting from home modifications made to improve accessibility or enable independent living. To qualify for this exemption, the homeowner must be 65 years or older, not a dependent, occupy the property as their primary residence, have a total income not exceeding $40,000 for a single individual, $50,000 for a head of household, or $60,000 for a married couple filing jointly, and the property's assessed value must not exceed $600,000. These income and valuation limits will be adjusted annually for cost of living and housing costs, respectively, with specific rounding rules. The exemption is not considered income for other means-tested assistance programs, and married individuals must file a joint return to claim it.