The bill proposes the establishment of a mean-tested property tax exemption for senior citizens in Massachusetts, specifically targeting homeowners who meet certain income and age qualifications. It amends Section 5 of Chapter 59 of the General Laws by adding a new section, 5P, which outlines the criteria for eligibility, including age requirements (65 years or older for single applicants or at least one joint applicant being 60 years or older), income limits based on the previous year's tax credit eligibility, and a requirement for the property to be the applicant's domicile for at least 10 consecutive years. The exemption amount will be determined annually by the local board of assessors or legislative body, with a cap set at 200% of the previous year's maximum credit.

Additionally, the bill stipulates that applicants must file for the exemption by April 1 of the applicable tax year and provides guidelines for the allocation of the total exempted amount within the residential tax levy. It also includes provisions for the expiration and potential reauthorization of the exemption every three years, as well as the ability for a city or town to revoke acceptance of the exemption through a legislative vote. The bill aims to provide financial relief to qualifying senior homeowners while ensuring transparency and accountability in the implementation of the exemption.

Statutes affected:
Bill Text: 59-5