SECTION 1. Section 21C of Chapter 59 of the General Laws, as appearing in 2006 official edition,  is hereby amended by inserting after Section (n), the following new section: - “(o).  No person 65 years of age or older who owns and occupies for no less than two years residential property as his/her principal residence, and who’s total income together with his/her spouse shall not exceed $61,000, shall be required to pay any increase in real estate taxes attributable to voter approval pursuant to this Chapter in a city or town allowing such city or town to increase real estate taxes in excess of the amount of two and one-half per cent of the full and fair cash valuation in said city or town over the preceding fiscal year, specifically when such voter approval to increase real estate taxes is expressly for the purpose of public school construction and/or renovation.  Any person who qualifies for said exemption shall submit his/her application on or before July 1st of the fiscal year such exemption would apply on a form provided by the assessors.  To determine a person’s income eligibility for said exemption under this Chapter, the assessors shall review the state or federal income tax forms from the previous tax year.  The $61,000 eligibility income herein shall be adjusted annually according to the most recent Consumer Price Index (CPI).  This section shall take effect upon acceptance by a city or town.  Once accepted, the city or town shall use the provisions of the overlay set forth in Section 25 of Chapter 59, to account for the amount to be exempt pursuant to this Section.”