There are two types of tax exemptions for seniors, available through the Lynnfield Assessor’s office. They are referenced by their state law clause number; Clause 17E and Clause 41D. Each of these clauses have different restrictions and qualifications for receiving the exemption amount. Age is not the only factor. The higher the exemption amount, the more strict the qualifications. All applicants are required to support their application with documentation and all applications are reviewed.
Qualifications for each of the exemptions are outlined below.
Clause 17E ~~(Click here for Application)
Elderly, Surviving Spouses, Minor whose father is deceased
Exemption amount: $285.00
An applicant for the Elderly category must be 70 years of age by July 1st of the tax year.
An applicant for Surviving Spouses or a Minor whose father is deceased does not have an age limitation.
All applicants must have owned and occupied the property on which the exemption is being filed for the past 5 consecutive years and must have had a domicile or legal home in Massachusetts for 10 consecutive years.
The total net worth of all property (excluding the domicile), plus personal property (i.e. value of vehicles/autos); bank accounts, CDs; stocks, bonds, tax-free accounts etc. cannot exceed $64,902.00
Note: These are FY2020 eligibility requirements which are adjusted annually (COLA).
Clause 41D ~(Click here for Application)
Exemption amount: $750.00
The applicant must be 65 years of age by July 1st of the tax year (7/1/2019).
The applicant must have owned and occupied the property on which the exemption is being filed for the past 5 consecutive years and must have had a domicile or legal home in Massachusetts for 10 consecutive years.
All sources of income (wages, recent income, social security, spouses social security, pension, spouses pension, bank interest and dividends, tax-free interest, etc.) minus a deductible minimum (which is determined annually by the Department of Revenue), must not exceed $27,234.00 if single or $40,849.00 if married.
The total estate/net worth; income producing property value (excluding the domicile), plus personal property (i.e. value of vehicles/autos); bank accounts, stocks, bonds, CDs, tax-free accounts, value on other real estate property, etc. cannot exceed $52,726.00 if single or $69,507.00 if married.
Note: These are FY2020 guidelines which are adjusted for inflation annually
Important Additional Information!
The following amounts should be deducted from the income limits for those who received income from Social Security, Railroad Retirement or government pensions:
Worker = $4,758.00; Spouse = $2,379.00; or both = $7,137.00