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

This bill (HD 164) allows towns to create a property tax cap for homeowners aged 65 or older who meet specific income and asset limits: $50,000 or less annual income for singles, $60,000 for married couples, and $75,000 in assets (excluding their primary home and one vehicle). Eligible homeowners would have their property tax recalculated annually based on their adjusted federal gross income (after excluding certain retirement distributions), with the lower of two calculated tax amounts applied each year. The cap applies only to qualifying properties and requires towns to adopt the provision under existing procedures. It directly affects low-income seniors in participating municipalities by limiting their property tax burden.