Property Tax Exemption for Seniors Approved

Massachusetts Governor Mitt Romney has signed into law the state budget for fiscal year 2007 authorizing a property tax reduction of up to 5% of the average assessed value of all Class 1 parcels within the city or town for the principal residence of qualified taxpayers.

To qualify for the exemption, a taxpayer must (1) be 70 years old before the beginning of the fiscal year for which an exemption is sought; (2) have been domiciled in the commonwealth for the last 10 years; and (3) have owned and occupied the property for the last five years; or be a surviving spouse who inherited the property, has occupied it for the last five years, and is otherwise qualified. This exemption will take effect in any city or town that votes to accept its terms at the next regularly scheduled election.

A city or town may choose to vote to adjust the exemption by increasing the amount of the exemption as much 20% and reducing the age requirement to 65.

The budget also contained a commuter tax deduction applicable to the state's personal income tax.

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