An Act authorizing the town of Hopkinton to establish a means-tested senior citizen property tax exemption for school building construction projects

This bill allows the town of Hopkinton to create a property tax exemption specifically for senior citizens to help offset costs related to school building construction projects. To qualify, homeowners must be at least 65 years old, have lived in the town for ten years, and meet income and asset limits similar to those for the state's circuit breaker tax credit. The exemption is limited to the taxpayer's primary residence and can only be used to cover the actual cost of borrowing for the school project, with the total savings shared proportionally among all residential taxpayers. Applicants must submit annual forms with proof of their income and assets to the Board of Assessors, who will review and approve or deny each request based on these criteria.