MA H3105

Creates a new property tax exemption for senior citizens in cities and towns that opt to accept the program, reducing property taxes so seniors pay no more than 10% of their income toward property taxes after accounting for the circuit breaker income tax credit

Eligibility requires: age 65 or older (or joint ownership with spouse age 60+), income below the circuit breaker credit limits, 10 consecutive years of residency in the municipality, and home value not exceeding 110% of the town's average single-family home assessment

Caps the maximum property tax reduction at 50% for any individual and limits total municipal exemption costs to 0.5-1% of the residential property tax levy, with costs shifted proportionally to other residential taxpayers

Requires annual application with income and asset documentation, and boards of assessors may deny applications if applicants have excessive assets

Program expires every 3 years and must be re-accepted by the municipal legislative body to continue