SENATE DOCKET, NO. 1129        FILED ON: 1/13/2009

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1354

The Commonwealth of Massachusetts

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In the Year Two Thousand Nine

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An Act expanding senior tax deferral options..

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

SECTION 1. Section 5 of chapter 59 of the General Laws, as appearing in the 2004 Official Edition, is hereby amended by inserting after the word “agreement.” , in line 1024, the following paragraph:-

A city or town which accepts this paragraph may enter into a tax deferral plan with the commonwealth under which the commonwealth shall pay to the city or town the amount of the exemption granted under the tax deferral and recovery agreement between the board of assessors and the owner or owners of the real property, but that agreement shall provide for annual interest at the rate of 5 per cent.  Upon the death of the owner of the property, or upon the death of the surviving spouse where applicable under clause (3) of the previous paragraph, payment of the deferred taxes, plus accrued interest, shall be made to the commonwealth.