Massachusetts H3006 proposes to set the assessed valuation of long-term residences at the thirtieth year of domicile for qualifying owners.

Massachusetts H3006 amends the state's general laws to establish a fixed assessed valuation for long-term residences. Specifically, the bill sets the valuation at the thirtieth year of domicile for property owners who have lived in their homes for 30 years, earn no more than 100 percent of the area median income, and have liquid assets not exceeding $100,000, excluding the value of their home. This valuation remains unchanged unless the property is sold or transferred.

Massachusetts H3006 proposes to set the assessed valuation of long-term residences at the thirtieth year of domicile for qualifying owners.

Massachusetts H3006 amends the state's general laws to establish a fixed assessed valuation for long-term residences. Specifically, the bill sets the valuation at the thirtieth year of domicile for property owners who have lived in their homes for 30 years, earn no more than 100 percent of the area median income, and have liquid assets not exceeding $100,000, excluding the value of their home. This valuation remains unchanged unless the property is sold or transferred.