Bill > H4571

This bill establishes a tax deferral program for long-term homeowners in Boston, allowing eligible individuals to postpone paying increases in their real estate property taxes. To qualify, a person must be 55 years or older, have been a resident of Massachusetts for the preceding 10 years, and have owned and occupied the same Boston property as their domicile for 10 consecutive years, or be a surviving spouse who inherited and occupied the property for 10 years and meets other criteria. The program also requires that the real estate tax due has increased by at least 10% from the previous year, and that the applicant's income does not exceed certain limits defined in Massachusetts General Laws, Chapter 62. Eligible homeowners must enter into a tax deferral and recovery agreement with the city's assessing department, which outlines terms for repayment, including interest, upon sale or transfer of the property, or upon the owner's death, with provisions for surviving spouses. This agreement creates a lien on the property, which is recorded in the registry of deeds. The authority to grant these deferrals is set to expire on June 30, 2018, unless extended by the Boston city council and mayor.