An Act relative to the establishment of a means tested senior citizen property tax exemption

This bill creates a new property tax exemption for seniors in Massachusetts who meet specific income and residency requirements. To qualify, applicants must be at least 65 years old, have lived in the property for ten years, and have income below a certain threshold. The exemption reduces property taxes by a percentage of the senior's income, up to a maximum of 50%, while also accounting for existing circuit breaker credits. Local officials will set an annual spending cap on the total amount of tax relief provided, which can range from 0.5% to 1% of the town's residential tax levy. If the cap is reached, the percentage of income used to calculate the tax reduction may be increased to ensure all eligible seniors receive the maximum possible benefit.