Authorizes Wakefield to create a means-tested property tax exemption for senior citizens.
The bill allows the town of Wakefield to establish a property tax exemption for senior citizens based on income and assets. The exemption amount is set annually by the board of assessors and can be up to 100% of the circuit breaker income tax credit. To qualify, applicants must be age 65 or older, own and occupy the property as their domicile, and meet other residency and asset criteria. The exemption is in addition to any other exemptions allowed by law. The act expires after three years.
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