Property Owners Aged 65 or Older as of July 1, 2019 May Be Eligible to Defer Their FY2020 Property Taxes

Property Owners Aged 65 or Older as of July 1, 2019 May Be Eligible to Defer Their FY2020 Property Taxes

To qualify for the tax deferral program, a property owner:

Must be over 65 years of age as of July 1, 2019

and

Must have primary residence in Massachusetts for ten years and owned property in the state for five years

and

Must have occupied the property as of July 1, 2019

and

Must have a total gross income less than $86,000 per year.

Upon qualifying, property owners can defer (delay) payment of any portion of the property tax bill (excluding the Community Preservation Surcharge), up to 100% of the tax bill.

The fiscal year 2020 tax deferral simple interest rate of 3.0% is based on the Federal Reserve Discount Rate as of June 30, 2019.

If you are a Newton property owner aged 65 or older as of July 1, 2019 with a 2018 gross household income of $86,000 or less, you can postpone paying all or any part of your property tax bill.

(Please note if there is a mortgage on the property, the mortgage holder must sign off on this tax deferral application).

Fiscal Year 2020 deferrals will enjoy a very low simple interest rate of 3.00% (determined by the Federal Reserve Discount Rate as of July 1, 2019).  Each year’s tax deferral is independent from each other, so you must apply each year. You may elect to defer one year and not the next. The amount you defer does not have to be paid back during your lifetime or your qualifying spouse’s lifetime unless the property is sold or transferred, or you elect to pay your deferred tax amount.

More information about State and local property tax programs is available at the Assessor’s Office in Newton City Hall, or can be downloaded at

http://www.newtonma.gov/gov/assessor/programs.asp

Please call our Assessor’s Office at 617-796-1160 for information about the Property Tax Deferral Program (41A) and other available tax assistance programs.

 

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