Circuit Breaker Massachusetts Property Tax Relief

State lawmakers seeking to make residential property taxes more affordable have two broad options.

Circuit breaker massachusetts property tax relief.

The 10 year. The circuit breaker this exemption is available to residents age 65 and over whose property taxes exceed 10 of their income. The circuit breaker tax credit is based on the actual real estate taxes paid on the massachusetts residential property you own or rent and occupy as your principal residence. For tax year 2019 the maximum credit amount is 1 130.

Own or rent residential property in massachusetts and occupy the property as primary residence. Limit for the circuit breaker state income tax credit for single non head of household filers clause 41c. Read more about ptr in this brochure. The circuit breaker tax credit is based on the actual real estate taxes paid on the massachusetts residential property you own or rent and occupy as your principal residence.

The circuit breaker tax credit is based on the actual real estate taxes paid on the massachusetts residential property you own or rent and occupy as your principal residence. The maximum credit amount for tax year 2019 is 1 130. The amount of reduction is based on income for the previous calendar year. Apply for ptr through your county assessor s office.

This figure includes water and sewer bills. The maximum credit amount for tax year 2019 is 1 130. Taxpayer s guide to local property tax exemptions seniors clauses 41 41b 41c 41c. If the credit you re owed exceeds the amount of the total tax payable for the year you ll be refunded the.

The property tax reduction circuit breaker program reduces property taxes for qualified applicants. Across the board tax cuts for taxpayers at all income levels such as a homestead exemption or a tax cap and targeted tax breaks that are given only to particular groups of low and middle income taxpayers. 2020 property tax reduction program brochure 11 15 2019. What are the requirements.

The massachusetts circuit breaker tax credit is a refundable credit for senior citizens based on the real estate taxes paid on massachusetts property owned rented and used as the primary residence. Circuit breaker programs are often specifically enacted for low income elderly or disabled owners. If you qualify the property taxes on your home and up to one acre of land may be reduced by as much as 1 320. Property tax reduction benefits will not reduce solid.

As a senior citizen you may be eligible to claim a refundable credit on your personal state income tax return. Other property in massachusetts for any 5 years. Maximum credit allowed for the tax year is 1 130. You could reduce property taxes from 150 to 1 320 on your home and up to one acre of land.