MA S2018

Allows homeowners age 65 or older who meet income limits to defer property taxes on their primary residence until the property is sold or the owner dies, with deferred taxes plus interest becoming a lien on the property

Sets the interest rate on deferred taxes at the greater of the municipality's most recent bond rate (if bonded within 3 years) or the commonwealth's bond rate, with municipalities able to set a lower rate

Caps total deferred taxes plus interest at 50% of the owner's proportional share of the property's fair cash value

Requires boards of assessors to notify participating property owners annually in writing and by telephone of application deadlines and current balance owed under deferral agreements

Gives surviving spouses first priority to inherit property by paying deferred taxes, or the option to continue the deferral during their lifetime; applies to fiscal years beginning on or after July 1, 2025