By Bob Katzen

The Senate 37-0, approved a bill that would expand eligibility for the Senior Tax Deferral Program by lowering eligibility to qualify for it from the current 10 years to seven years of required state residency.
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In addition, the bill allows the homeowner, or their heirs, one-year to pay back the deferral with accrued interest rather than immediately after sale or death; allows municipalities to raise income eligibility to the maximum circuit breaker amount; and delays the date on which a foreclosure petition may be filed until 18 months after their death.

Supporters said the measure will allow seniors to keep more money in their pockets at a time when property values and tax bills are steadily climbing.

“Property tax deferral is an important program that can help older adults stay in their homes,” said amendment sponsor Sen. Pat Jehlen (D-Somerville). “It allows older adult homeowners to defer all or part of their property tax bill, which is paid back to the municipality with interest when the property is sold. It can be a better alternative to reverse mortgages, especially if the municipality sets the interest rate lower than the 8 percent cap. It is underutilized, and this legislation will remove one barrier by extending the time a municipality can reduce the interest rate, and the time before foreclosure is allowed. Many cities and towns can do more to inform older homeowners of this option, and this is a chance to do that.”

(A Yes” vote is for the amendment. A “No” vote is against it.)

Sen. Patricia Jehlen Yes