An Act relative to the valuation of long term residences

Summary

The bill adds a new section to Massachusetts law that lets eligible long‑term homeowners have their property assessed at the value it had in the 30th year they lived there. To qualify, a homeowner must earn no more than 100% of the area median income and have $100,000 or less in liquid assets, not counting the home itself. The assessment stays frozen until the home is sold or transferred, but only in municipalities that choose to adopt the provision.

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