MA H5103

Authorizes Reading, MA to create a property tax exemption for senior citizens aged 65+ (or 60+ for joint applicants) who qualify for the state circuit breaker income tax credit and have owned a home in town for at least 10 consecutive years

Exemption amount set annually by the select board between 100% and 150% of the applicant's circuit breaker credit from the previous year

Applies only to Class 1 residential property used as the owner's primary domicile, including condominiums, with assessed value capped at the circuit breaker program's maximum threshold

Total exemption cost is funded through a burden shift distributed proportionally among all residential taxpayers in the town

Act expires 3 years after implementation and requires annual application with income and asset documentation to the board of assessors