March 10, 2021 by Carol Britton Meyer
A means-tested property tax exemption for long-time senior homeowners who meet certain income and asset criteria would help lessen the tax burden from the many capital projects that are in the town's pipeline and other expenses.
The tax exemption was approved at the 2019 Town Meeting, and because it falls under special legislation, required Gov. Charlie Baker's signature -- which happened earlier this year.
"We have put the necessary funds in the overlay budget," Selectman Chair Mary Power told the Hingham Anchor. "The board will vote that budget [at a future date], along with other [proposed Fiscal 2022] budgets. The Advisory Committee will do the same."
An overlay budget is money that is set aside to fund real estate tax adjustments such as abatements and exemptions like this one. The estimated cost of the means-tested exemption for the 2020 tax year is $400,000.
The maximum income to be eligible is $61,000 for a single individual, $76,000 for a head of household, and $92,000 for married couples filing a joint return. There are also certain age requirements.
The maximum credit is $1,150. The exemption cannot reduce a property tax bill by more than 50 percent. To be eligible, the applicant must have claimed the senior circuit breaker credit in the prior year. The asset criteria are set by the board of assessors.
Another eligibility requirement is that the senior requesting such an exemption must have owned and occupied his or her home in Hingham for 10-plus consecutive years.
Applications will be available through the assessor's office May 1 and must be submitted by Sept. 1. Tax exemptions that are approved will be credited on tax bills sent out in December 2021. All the details will be posted on the town website.
"This is a wonderful way to help our seniors," Selectman William Ramsey said.