There is good news for taxpapers 65+ who qualify for the Massachusetts Circuit Breaker real estate tax credit program. For some senior citizens who own or rent residential property as their primary residence, the credit has increased by $30.00 this year, to $1,130.00. The maximum assessed value of the homeowner’s principal residence, has also increased, by $30,000.00, to $808,000.00.The qualifying income threshholds have increased as well, by $2,000, regardless of filing status, as indicated below:
|Head of Household||$73,000||$75,000|
|Married Filing Jointly||$88,000||$90,000|
This may be enough of an increase to include some of our clients who previously were ineligible. We’ll be looking to determine your qualifications as we head into tax season to make sure no deserving seniors miss out.