- Open to homeowners over 65 with annual income $40,000 or under, who have lived in MA for at least 10 years and owned home for at least 5 years
- Must apply annually
- Mortgaged property requires agreement from lender
- 5% Interest Rate
- Payment due with change of ownership
- Upper limit 50% of then current assessed value
Any homeowner with an income of $40,000 or less annually may apply for a tax deferral. Tax payer must have been a MA resident for at least 10 years and a home owner for at least 5 years.
This program allows approved applicants to defer all or part of their real estate taxes, along with water and sewer bills if they choose. The deferred amounts become payable with a change of ownership of the property. An interest rate of 5% will be charged on deferred amounts. Any home subject to a mortgage must have permission of the mortgage holder to participate. Homeowners may defer tax amounts up to 50% of the then current value of the property.
Deferrals must be applied for on an annual basis. A homeowner can choose not to reapply in any given fiscal year. Deferrals have no effect on qualified exemptions. There are no prepayment penalties if a taxpayer wishes to pay off all or part of the deferred amount at any time.
Applications are available at the Assessor’s office or click here for form. Applicants must provide proof of age, income and title of ownership or mortgage information.
On completion of the application taxpayers should set up an appointment with the Assessor in order for paperwork to be notarized.