An Act authorizing cities and towns to provide a residential exemption to senior citizens

Summary

The bill would let each city or town that certifies it assesses property at full cash value offer a residential tax exemption to owners age 70 or older. The exemption can be as high as 35% of the average assessed value of all residential parcels in the municipality, but the taxable value cannot fall below 10% of full cash value. It applies to the principal residence used for income‑tax purposes, including condos and cooperative units.

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