MA H4225

Authorizes Marblehead to create a property tax exemption for senior citizens based on income, calculated as the full property tax plus 50% of water/sewer expenses minus 10% of income and other tax credits received

Eligibility requires at least one owner to be age 65 or older (joint owners must be 60+), with 10 consecutive years of Marblehead homeownership and residency

Property must be the applicant's primary residence with assessed value not exceeding the prior year's average for Marblehead single-family homes

Select board sets annual caps on total exemption amounts, income limits, and asset thresholds; if total claims exceed the cap, benefits are reduced pro rata among all recipients

Applications must be filed annually with the board of assessors, and eligible applicants must also file for the state circuit breaker income tax credit