READING, MA — Reading's means-tested senior property tax exemption program has been extended for another three years after Gov. Maura Healey signed legislation reauthorizing the program.
The bill was signed into law June 25. The law allows the town to continue offering the exemption for qualifying senior homeowners.
The program was first established in 2017 on a three-year trial basis to help older residents living on fixed incomes remain in their homes.
The exemption is available to Reading homeowners age 65 and older who qualify for the Massachusetts Senior Circuit Breaker tax credit based on the previous year's income.
Applicants must own and occupy a home in Reading with an assessed value below the Senior Circuit Breaker threshold, currently $1,298,000. At least one applicant must have owned a home in Reading for at least 10 consecutive years. Residents must apply each year, and the Board of Assessors may reject applications if it determines an applicant has excessive assets.
The law continues the current structure, allowing the Reading Select Board to set the annual exemption between 100% and 150% of the Massachusetts Senior Circuit Breaker tax credit.
"As the cost of living continues to rise, Reading's senior property tax exemption program has had a positive impact on many local seniors living on fixed incomes," Rep. Bradley H. Jones Jr. (R-North Reading) said in a statement. "I'm pleased to have worked with Representative (Richard M.) Haggerty and Senator (Jason M.) Lewis on behalf of the town to help ensure that qualifying residents can continue to enjoy financial relief under this program."
The program includes a three-year sunset clause so town officials can periodically review and adjust it if needed.
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