If you are a Lexington resident aged 65 or older with a 2018 gross household income of $75,000 or less, you can postpone paying all or any part of your property tax bill and let the value of your house pay the tax bill later.
Eligible residents who defer their property tax use the money for a variety of purposes. For some, it helps pay for needed home repairs or enhancements. Others find that a deferral simply helps them with their daily needs.
Fiscal Year 2020 deferrals will enjoy a very low simple interest rate of 2.55%. Each year’s deferral is like an individual loan that doesn’t have to be paid back during your lifetime or your qualifying spouse’s lifetime unless home ownership is transferred or you choose to pay it off.
Please share the details of this program with friends, family, or neighbors in Lexington who might benefit from the assistance from property tax relief.
A brochure detailing State and local property tax programs is available at the Assessor’s Office in the Town Office Building and at the Community Center, or can be downloaded at LexingtonMA.gov/TaxRelief.
Call the Assessor’s Office at 781-698-4578 for information about Lexington’s Property Tax Deferral Program and other local tax programs.