State Senator Barry Finegold Supports Efforts To Provide Seniors With Tax Relief

Below is a press release from State Senator Finegold’s Office:

BOSTON, MA — Last week, the Senate took action to make housing more affordable in Massachusetts, approving tools to give cities and towns the ability to more easily lower property tax costs for seniors.

S.2902, An Act authorizing the establishment of a means-tested senior citizen property tax exemption, builds on the success of the recently increased Senior Circuit Breaker.

The Act creates a statewide tax exemption program for eligible seniors, which towns and cities can opt in to through local legislative approval. The exemption provides relief to long-term residents age 65 or older who meet occupancy, residency, and financial criteria, while giving local Boards of Assessors authority to set exemption amounts and distribute the cost across the residential tax base.

S.2901, An Act relative to senior property tax deferral, would expand eligibility for the Senior Tax Deferral program by lowering eligibility to seven years of state residency, instead of the current ten-year requirement, to keep more money in seniors’ pockets at a time when property values and tax bills are steadily climbing.

The Act reduces the residency threshold for the Senior Tax Deferral program to seven years from ten-year requirement. The Act also delays an increase in the interest rate for deferred taxes until one year after a taxpayer’s death and delays the date on which a foreclosure petition may be filed until 18 months after the taxpayer’s death.

“Senior citizens will always be valued members of our communities and these measures will provide important financial relief,” said State Senator Barry Finegold.

These bills will now go to the Massachusetts House for consideration. Together, these measures represent an important step toward ensuring that Massachusetts seniors can age in place with financial security.

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