What if I cannot afford to pay my real estate taxes?
A tax deferral (Clause 41A) allows an elderly taxpayer to defer all or a portion of
their tax obligation.
Requirements:
• Reached the age of 65 as of July 1 of the tax year
• Owned and occupied the property for at least 5 years as of July 1 of the tax
year
• Resided in Massachusetts for at least 10 years
• A gross income not exceeding $50,000
The tax deferral option should be considered when a taxpayer’s current expenses make
the continued ownership of his/her home difficult. Through special legislation the Town
of Wellesley was able to convince State Legislators to allow the Town to charge a lower
interest rate. Starting with fiscal year 2004 the interest will be calculated annually based
on the monthly two year constant maturity Treasury rate for the month of July at the
beginning of each fiscal year.**
The interest rate for FY 2005 is 2.64%.
The deferred amount will become a lien on your property. The deferred taxes must
eventually be repaid when the property is sold, transferred or upon the demise of the
owner.
Applications must be filed annually with the Board of Assessors within three months of
the mailing of the Third Quarter Tax Bill (December of each year).
As a reminder, the mere filing of an application does not mean you can postpone the
payment of your tax.
It is important to note that tax deferral may be used in conjunction with other exemption
programs. For further information, please call the Assessor’s Office at (781) 431-1019
ext. 2275.
**www.federalreserve.gov/release//h15/data/m/tc2y
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