FY-17 ELDERLY (17-D AND 41-C) EXEMPTION INCOME AND ASSET LIMITS

 

The 41-C Exemption requires being a Massachusetts resident for the last 10 years and having owned and occupied a home in Massachusetts for the preceding five years.  The 17-D requires ownership and occupation of your home for the preceding five years.

Exemption/marital status

Amount

Minimum

 Age

Maximum income if a portion is from Social Security or Government Pension

Maximum Assets Not including value of house

17-D/single or married

$175

70

No maximum

$40,000

41-C/single

$1000

65

$24,523

$40,000

41-C/married

$1000

65

$36,785

$55,000

Total household income must be verifiable by tax returns and/or earnings statements.  Assets include all bank accounts, IRA’s, stocks, investments, personal property, and real estate excluding primary residence.