Q” What happened to the new exemption for seniors that we voted on at Town Meeting a few years ago?

That’s a very timely question.  After making its way through the state legislative process, Governor Maura Healey signed it into state law on May 23rd.  The town began offering applications for it on June 17th for the new fiscal year that starts on July 1st.

Applications for the new exemption are available from the Assessors’ Office (and website) and need to be returned by September 3rd.  Please note that these dates are different from the other exemptions offered by the town (for which applications become available on July 1st and can be submitted up until next April 1st.)

Some history: At the May 9, 2022 Annual Town Meeting, Holliston voters unanimously approved an article asking the state legislature to grant Holliston the right to have what is called a “Means-Tested Senior Citizen Property Tax Exemption.”  State Representative James Arena-DeRosa filed a bill on our behalf in February, 2023.  After making its way through the necessary committee hearing, the state House of Representatives and then the state Senate both passed the bill in May. It is now officially known as “Chapter 100 of the Acts of 2024.”

How it works: The new exemption piggy-backs on the state’s Senior Circuit Breaker Income Tax Credit.  If you received that tax credit on your 2023 state income taxes, you are eligible to apply for this new town exemption.

For a taxpayer who owns his or her principal residence, the income tax credit is equal to the amount by which the taxpayer’s property tax payments in the 2023 income tax year – including water use fees, but excluding any abatement or exemption granted – exceeds 10% of the taxpayer’s total income for the 2023 income tax year, provided that such amount does not exceed the maximum credit amount ($2,590 in income tax year 2023).  You can determine eligibility by filling out Schedule CB when doing your state income tax return.

Once all the Means-Tested Senior Citizen Property Tax Exemption applications are received and reviewed, the Board of Assessors will meet with the Select Board in October.  The Select Board will then decide to base the amount of your exemption by choosing a range from 50% up to 200% of the total amount of income tax credits received.  At a maximum credit of $2,590 a 50% match would equal a $1,295 property tax exemption and a 200% match would equal a $5,180 property tax exemption.  Individual exemptions amounts will vary, based on the amount of tax credit you received.

The Assessors’ Office’s goal is to apply any exemption granted under this new program to reduce the third and fourth quarter fiscal year property tax bills that are mailed in late December.

Any seniors who qualify for the new exemption  would still be eligible, if they qualify, to receive existing $350 or $1,000 exemptions and to participate in the Tax Work-off Program.

Information about this new property tax exemption and applications are available now at the Assessors’ Office in Town Hall and on the Assessors pages on the town’s website.