An Act authorizing the town of Belmont to increase the asset limitation ceiling, income limitation ceiling, and benefit limitation ceiling applicable to seniors applying for tax abatement pursuant to clauses 17D, 17E, and 41C of Section 5 of Chapter 59 of the General Laws

This bill authorizes the town of Belmont to raise the asset, income, and benefit limits for seniors seeking property tax abatement by amounts that exceed the annual cost-of-living adjustments based on the Consumer Price Index. The legislation allows the town to catch up on missed inflation adjustments if it had not previously adopted these specific state law provisions when they were first enacted. However, a cap is placed on any single increase so that the resulting limits do not surpass what they would have been had the town accepted and adjusted the clauses annually from their original enactment date.