***NEW SENIOR CIRCUIT BREAKER PROPERTY TAX EXEMPTION***
Seniors who receive “circuit breaker” tax credits on their Massachusetts state income taxes may be eligible to obtain a reduction of their real estate taxes up to the amount of their credits. Find out if you qualify.
What to know…
As a senior citizen, you may be eligible to receive a reduction of your real estate taxes up to the amount of the “circuit breaker” tax credit received on your Massachusetts state income taxes. The property tax exemption is based on the credit received in the preceding calendar year.
A taxpayer who receives another personal exemption on their property may not receive another exemption. If a taxpayer qualifies for multiple exemptions, assessors will grant the exemption that provides the taxpayer with the greatest benefit.
Who is eligible?
- You must own and occupy the property as of July 1st of the fiscal year
- You must be 65 or older
- You must have received a “circuit breaker” credit on your Massachusetts state income taxes for the preceding calendar year
How is the exemption amount determined?
- For Fiscal Year 2024, eligible taxpayers are expected to receive at least 50% of the “circuit breaker” credit received on their 2022 state income tax return.
- Amount may be increased by up to 100% per M.G.L. Chapter 59, Section 5C ½, which was adopted at the 2018 annual town meeting.
- Total amount granted is subject to the assessors’ annual allocation of overlay dollars. If the amount allocated is insufficient in any given year, individual exemption amounts will be prorated accordingly,
- Eligible taxpayers will be notified of their exemption amount once all applications have been submitted for the year (after April 1). Exemptions will be abated off of the 4th quarter tax bills. Any overpayments will be refunded.
How to apply?
- Applications must be filed annually with the Board of Assessors by April 1.
- You must include a full copy of your Massachusetts state income tax return for the preceding year.