Massachusetts Property Tax Relief: Who Qualifies to Save?

Most in Massachusetts would never think there are actually tax programs available to save you money. After all we didn't get the name "Taxachusetts" for nothing.

Lately, it seems everywhere you turn there is bad news. The local Real Estate market has been down in the dumps, the stock market has taken a fairly big hit, the cost of oil and energy in general is out of sight, and there is talk of a recession. With the exception of historically low mortgage interest rates, there have not been many reasons to get overly excited by the present shape of our economy. Taxes have been an issue for years in Massachusetts. Especially some of the towns located in Metrowest MA that have had extremely high property appreciation rates. Up until the last few years Real Estate in Metrowest Massachusetts was booming. Along with the increase in property values came higher tax bills. This has become a wide spread problem for the elderly and those on fixed incomes.

In Massachusetts there are programs available to help those in need of tax relief. There are a few programs worth discussing including clause 41c for elderly residents, clause 17d which is an exemption for seniors, surviving spouses, and minors,clause 22 covering veterans, clause 37a which covers the blind and two others know as the Circuit Breaker and the standard tax deferral. Below is an explanation of each one of these exemptions:

Clause 41C - Clause 41c is for elderly residents. Residents who are 65 years old by July 1 may qualify for a $1000 dollar tax credit. The income requirements for this program if single are $23,718 per year and assets not in excess of $40,000. If you are married the income requirement is less than $35,578 and assets not is excess of $55,000. The other requirement with 41c is that you have to be living in Massachusetts for the last ten years and owning/occupying property for the last five.