Authorizes the town of Reading to establish a means tested senior citizen property tax exemption.

This bill authorizes the town of Reading to establish a means tested senior citizen property tax exemption. The exemption applies to qualifying parcels of real property owned and occupied by eligible seniors. The select board sets the exemption amount annually, between 100% and 150% of the circuit breaker income tax credit. The board of assessors may deny an application if the applicant has excessive assets. The exemption amount is allocated proportionally within the tax levy on all residential taxpayers. The exemption expires three years after implementation.

Authorizes the town of Reading to establish a means tested senior citizen property tax exemption.

This bill authorizes the town of Reading to establish a means tested senior citizen property tax exemption. The exemption applies to qualifying parcels of real property owned and occupied by eligible seniors. The select board sets the exemption amount annually, between 100% and 150% of the circuit breaker income tax credit. The board of assessors may deny an application if the applicant has excessive assets. The exemption amount is allocated proportionally within the tax levy on all residential taxpayers. The exemption expires three years after implementation.