Councilor Bill Linehan (South Boston, South End, Chinatown) tomorrow asks the City Council to consider a proposal that would let people over 55 who have lived in their homes at least ten years defer payment of their city property tax until they sell the property or die.
In his request for a hearing on the matter, Linehan says the measure would let longtime residents stay in their homes even as their property taxes skyrocket due to the effect of the well off snapping up all the properties around them at ever escalating prices.
The measure, which would require approval by the state legislature, would let homeowners accumulate up to 50% of the assessed value of their homes in deferred taxes. The taxes - plus 4% interest - would become due upon the sale or transfer of the house or the death of the homeowner.
In addition to the age and length-of-stay requirements, the proposal would also limit the deferral program to people who meet income requirements set by the state.