Establishes a means-tested property tax exemption for senior citizens in Massachusetts.

The bill proposes a means-tested property tax exemption for senior citizens in Massachusetts. Qualifying seniors must meet income and asset limits, own and occupy their property as their primary residence, and have lived in the city or town for at least 10 years. The exemption is equal to the tax amount minus 10% of the taxpayer's income or a specified percentage, and the circuit breaker income tax credit. The exemption is subject to a cap set by the local government and expires every three years, renewable by local vote. The exemption is in addition to any other allowable exemptions.

Establishes a means-tested property tax exemption for senior citizens in Massachusetts.

The bill proposes a means-tested property tax exemption for senior citizens in Massachusetts. Qualifying seniors must meet income and asset limits, own and occupy their property as their primary residence, and have lived in the city or town for at least 10 years. The exemption is equal to the tax amount minus 10% of the taxpayer's income or a specified percentage, and the circuit breaker income tax credit. The exemption is subject to a cap set by the local government and expires every three years, renewable by local vote. The exemption is in addition to any other allowable exemptions.