Massachusetts S1847 modifies senior property tax deferral rules, including interest rates and conditions for tax recovery.

Massachusetts S1847 amends the senior property tax deferral program by setting specific interest rates for deferred taxes and modifying conditions for tax recovery. The bill specifies that interest accrues at a certain rate until the property is conveyed or one year after the owner's death. It also mandates that any joint owner or mortgagee must provide written approval for such agreements. The board of assessors must notify property owners annually about their tax deferral and recovery agreement balances. The changes apply to taxes assessed for fiscal years starting from July 1, 2025.

Massachusetts S1847 modifies senior property tax deferral rules, including interest rates and conditions for tax recovery.

Massachusetts S1847 amends the senior property tax deferral program by setting specific interest rates for deferred taxes and modifying conditions for tax recovery. The bill specifies that interest accrues at a certain rate until the property is conveyed or one year after the owner's death. It also mandates that any joint owner or mortgagee must provide written approval for such agreements. The board of assessors must notify property owners annually about their tax deferral and recovery agreement balances. The changes apply to taxes assessed for fiscal years starting from July 1, 2025.