SECTION 1. Notwithstanding section 5 of chapter 59 of the General Laws or any general or special law to the contrary, at the option of the board of selectmen of a town council in a municipality having a town council form of government or the mayor with the approval of the city council in a city, may implement a tax deferral program for residents living in housing communities that are designated as over the age of 55.
SECTION 2. Real property, to an amount determined as hereinafter provided, of a person who is 55 years of age or older as of July 1 of the tax year, may be eligible for a reduction in their property taxes of no less than 10 percent and no more than 20 percent.
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