SECTION 1.  Chapter 59 of the General Laws, as appearing in the 2002 Official Edition, is amended by inserting after section 58A by inserting the following new section:-

Section 58B.  In any city or town that accepts the provisions of this section, on all property taxes assessed in a city or town and collected by a city or town tax collector, and said property taxes are collected in installments under section 57C; discounts for the early and full payment of each installment thereof shall be a percentage as determined by the city or town and said full installment payment must be received by a set number days as determined by the city or town; provided that, said city or town shall establish the percentage and date prior to the first quarter installment being mailed; provided further that, said notice of the discount and due date of payment for the discount shall be included in the installment payment statement.