Section 1.  Chapter 59 of the General Laws is hereby amended by inserting after section 5K the following section:–

     Section 5L.  In any city or town which accepts this section, the real property of a person 65 years of age or over that they have occupied as their domicile for 5 years or more or a person who owns the same jointly with a spouse who is 65 years of age or over and who, during the preceding year, had gross receipts from all sources not in excess of 50 percent of the medium income of the commonwealth shall upon application to the board of assessors be  of assessed at the current value for 1 year.  If 1 of the spouses attains this age of 65 during the year, application may be made there upon.  Such persons shall apply annually within 4 weeks before or after the expiration of the previous assessment.  Any improvement to the real property other then those mandated by federal or state law shall remove the property for this section and it shall be reassessed.