Bill > H4360

This bill establishes a property tax exemption for senior citizens in the Town of Concord, Massachusetts, that is "means-tested," meaning it is based on income and assets. The exemption is calculated by taking the total property tax that would normally be owed and subtracting a portion of the homeowner's income, specifically 10% of their "qualifying income" (income used for the state's "circuit breaker" tax credit) plus any "circuit breaker" credit they were eligible for in the previous year, with the total reduction capped at 50% of the property tax. To qualify, homeowners must be at least 65 years old (or one of a jointly owned couple), have lived in Concord for at least 10 consecutive years, occupy the property as their primary residence, and the property's assessed value must not exceed the town's median single-family home value. The Board of Assessors can deny an application if the applicant has excessive assets. The total amount of these exemptions is capped, initially at 0.5% of the town's residential property tax levy, and this cap can be adjusted annually by the Select Board. The bill also requires annual applications and will expire after three years, with its implementation contingent on local approval and certification by the Department of Revenue.