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

This bill authorizes the town of Marblehead to create a property tax exemption for senior residents who meet specific income and residency requirements. It directly affects seniors aged 65+ (or 60+ with a spouse 65+) who own and live in Marblehead as their primary residence for at least 10 years and have household income below a locally set threshold. The exemption covers the full property tax plus 50% of annual water and sewer costs, minus a portion of the applicant's income, prior-year tax credits, and other relief, but cannot exceed a yearly cap set by the town's select board. Applications must be submitted annually, and the town may deny exemptions for applicants with excessive assets as defined by local regulations.