An Act authorizing the town of North Reading to establish a means tested senior citizen property tax exemption

This bill authorizes the town of North Reading to create a property tax exemption specifically for senior citizens living in their primary residence. To qualify, applicants must be at least 65 years old (or 60 if married to someone 65 or older), have lived in the town for at least 10 years, and have income levels that would make them eligible for the state's circuit breaker tax credit. The amount of the exemption will be set annually by the town select board at up to 50% of the circuit breaker credit value, but the town's board of assessors can deny the exemption if an applicant has excessive assets. The bill includes a sunset clause, meaning the program will automatically end three years after it is first implemented.