An Act creating a local option property tax cap for low-income seniors

This bill allows Massachusetts cities and towns to create a property tax cap specifically for homeowners aged 65 and older. To qualify for this benefit, seniors must meet specific financial limits, including an annual income of $50,000 or less if single and $60,000 or less if married, along with asset restrictions that exclude their primary home and one vehicle. Participating municipalities would recalculate taxes annually to ensure the homeowner pays the lower of the original amount or the new capped amount. The legislation does not mandate that towns adopt this program, leaving the decision to local governments.