MA H3241

Creates a 10-year pilot program allowing homeowners age 65+ to defer property taxes on their primary residence, with approximately 10,000 eligible households and 2,000 participants across municipalities representative of Massachusetts demographics

Requires 5 years of homeownership in Massachusetts to qualify; deferred taxes plus interest become due upon sale of property or death of owner, with heirs having first priority to pay and retain the property

Caps total deferred taxes at 60% of the owner's share of the first $1,000,000 of assessed property value; interest rate set at program borrowing/administrative costs plus 0.5%

Appropriates $107,500,000 over 10 years (tax years 2026-2035), starting at $13.2 million annually and declining to $7.2 million; funded through up to $81.5 million in state bonds payable by June 30, 2057

Surviving spouses may continue deferral without immediate repayment; program terminates automatically if a statewide senior property tax deferral program is enacted, with pilot participants enrolled in the new program