THE REVERE ADVOCATE – WEDnEsDAy, JuLy 3, 2024 Page 7 Please Drive Safely! y Fourth o Councillor-at-Large Anthony Zambuto Northeast Metropolitan Regional Vocational School Committee & Revere School Committeeman Anthony Caggiano Ward 1 Councillor Joanne McKenna Kingston School Committeeman John Go 4th and celebrate! Have a safe, enjoyable holiday. 100 Salem Turnpike, Saugus, MA 01906 WINWASTESAUGUS.COM EQUITY | FROM Page 7 fair to those subject to municipal tax lien foreclosure proceedings. This legislation does the following: • Requires that a detailed accounting be taken following a foreclosure in a tax taking of the excess equity that is available; • Any excess equity must be returned to the former owner within 60 days; • Allows for retroactive claims for excess equity from May 25, 2023, until date of passage; • Updates notice requirements where the subject property is residential; • Allows former owners the opportunity to file a claim in Superior Court if there is a dispute on the amount of excess equity owed; • Increases the maximum length for repayment agreements for owed taxes from five to 10 years; • Decrease the amount for a down payment for the repayment agreements from 25 percent to 10 percent and; • Establishes a special commission to conduct a comprehensive study relative to the current law and practices around the collection of delinquent property tax revenue by municipalities in the Commonwealth. “For far too long, unscrupulous collectors have taken advantage of Massachusetts homeowners in foreclosure - a practice the U.S. Supreme Court and, more recently, the Hampden County Superior Court, has deemed unconstitutional. This legislation rectifies this systematic problem once and for all,” said Representative John J. Mahoney (D-Worcester), a lead sponsor of the bill. “By protecting the hard-earned equity of our neighbors, while balancing the needs of cities and towns, we can stifle the corruption of bad-faith lienholders and make the Commonwealth a more prosperous place for working families. Thank you to Speaker Mariano and Chair Michlewitz for their leadership in bringing this comprehensive measure to the floor for passage today. I also want to thank Chair Cusack and his staff for their dedication on this critical issue.” “The best way for property owners to keep the equity in their homes, is for them to keep their homes. This bill protects homeowners by providing better notices in the municipal tax lien process and presenting opportunities to cure deficiencies,” said Representative Tram T. Nguyen (D-Andover), a lead sponsor of the bill. “I want to thank Speaker Mariano, Chair Michlewitz, and Chair Cusack for advancing a thoughtful antidote to the scourge of home equity theft.” “Today’s vote by the legislature makes the tax taking process more just and erases the patently unfair and unconstitutional processes used to rob homeowners of their home’s equity built over years,” said Representative Jeffrey N. Roy (DFranklin), a lead sponsor of the bill. “The bill enhances due process protections which will ensure that a homeowner receives adequate notice and has affirms their right and opportunity to claim that equity. Moreover, this significant legislative step provides homeowners with an equitable process for resolving tax delinquencies and rectifies constitutional problems with the current law.” “This is a matter of simple fairness. Massachusetts residents ought to pay municipalities what they owe; no less, no more,” said Representative Tommy Vitolo (D-Brookline), a lead sponsor of the bill. “I’m grateful to the Speaker, Chairs Michlewitz and Cusack, and my colleagues for their support.” Having passed the House of Representatives 154-0, the bill now goes to the Senate for its consideration. y H f Jul app
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