Bill > H4473

This bill establishes a property tax exemption in the town of Concord for seniors who meet certain income and asset requirements, aiming to provide financial relief to eligible homeowners. The exemption is calculated by subtracting a portion of the homeowner's income and any state "circuit breaker" credit they received from the total property tax owed, with a maximum reduction of 50% of the tax. To qualify, the property must be the homeowner's domicile, owned by an individual aged 65 or older (or jointly with a younger spouse), and the owner must have been a resident of Concord for at least 10 consecutive years. Additionally, the property's assessed value cannot exceed the town's median single-family residential assessed value. The town's Board of Assessors can deny applications if an applicant has excessive assets, and the total amount of exemptions granted annually is capped, with the percentage of income considered in the calculation adjusted if necessary to stay within this cap. The bill also outlines the application process, requiring annual filings and proof of income and assets, and specifies that the exemption will expire after three years unless renewed.