An Act authorizing the town of Wakefield to establish a means tested senior citizen property tax exemption

Wakefield senior tax relief shifts residential costs

The law authorizes Wakefield to give qualifying senior homeowners a property-tax exemption, in addition to other legal exemptions. It covers only their primary home, including a condominium, classified as residential property. Assessors set the amount annually, up to 100% of the Massachusetts circuit breaker tax credit the applicant qualified for last year. Single applicants must be 65 or older; joint applicants must include one person at least 65 and another at least 60. Ages are measured at the end of the previous year. The applicant, or at least one joint applicant, must have lived and owned a home in Wakefield for 10 consecutive years before applying. Prior-year income must meet circuit breaker rules, and the home's assessed value cannot exceed that program's prior-year limit, adjusted annually by the state. Applicants must apply each year by the assessors' deadline, submit income and asset records, and receive approval. Assessors may deny applicants with excessive assets. The exempted taxes are shifted proportionally within the residential tax levy, increasing costs for other residential taxpayers. No exemption is granted until the Massachusetts Department of Revenue certifies the tax rate that funds this shift. The exemption expires after 3 years of implementation, subject to the town's decision about its continuation.