State Tax Form 99-1
Issued 4/2004
THE COMMONWEALTH OF MASSACHUSETTS
Name of city or town
Tax Deferral and Recovery Agreement
This Agreement is made and entered into this day of ,
by and between the Board of Assessors (the “Assessors”) of the City/Town of
acting on behalf of the city/town and (the “Owner”).
WITNESSETH
WHEREAS, General Laws Chapter 59, Section 5, Clause 18A allows qualifying property owners to defer payment of
local property taxes if they enter into a tax deferral and recovery agreement with the Board of Assessors acting on behalf
of the city or town; and
WHEREAS, the Owner seeks to defer payment of local property taxes on the real property described below
beginning in fiscal year _______________:
DESCRIPTION OF PROPERTY
(The description must be sufficiently accurate to identify the property. In the case of registered land, the certificate of
the title number and the registry volume and page must be given.)
NOW THEREFORE, in consideration of the granting of a property tax deferral by the Assessors, the Assessors and
the Owner agree as follows:
1. The Owner may also apply for a deferral in either or both of the next two fiscal years and if qualified, may defer taxes
for those years so long as the total amount of deferred taxes, plus interest, is not more than fifty percent of the
Owner's proportionate share of the full and fair cash value of the property.
2. The Owner must pay the deferred taxes, plus interest, at the end of the deferral. Payment may be made in five
annual installments, with each installment equal to one-fifth of the total deferred taxes, plus interest on the unpaid
balance. The first installment is due two years after the last year of the deferral.
3. The Owner will not sell or transfer the property described above unless all taxes deferred under General Laws
Chapter 59, Section 5, Clause 18A have been paid together with interest at the rate set forth in that statute.
4. Upon the Owner’s death, the heirs-at-law, assignees or devisees will have first priority to the property by paying in
full the total amount of deferred taxes, plus interest, unless the heir-at-law, assignee or devisee is a surviving spouse
who qualifies for a deferral and enters into a new tax deferral and recovery agreement under General Laws Chapter
59, Section 5, Clause 18A. If so, the deferred taxes and interest due will be added to any additional taxes that are
deferred under the new agreement signed by the surviving spouse. The total amount of deferred taxes, plus interest,
subject to the fifty percent limitation in Paragraph 1 will include all taxes deferred, plus interest, under both this
agreement and the new agreement signed by the surviving spouse.
5. The Assessors will record a statement at the Registry of Deeds making the deferred taxes, plus interest, a lien on the
property. The amount of the recording fee, if any, will be added to and become part of the deferred taxes. If the
deferred taxes, plus interest, are not paid as provided in this agreement, the interest rate set forth in General Laws
Chapter 60, Section 62 will apply from the date the property was sold or the Owner died, whichever is applicable,
and recovery of the amount owed will be enforced as provided by law.
THIS FORM APPROVED BY THE COMMISSIONER OF REVENUE
