SECTION 1.  Notwithstanding section 5C of chapter 59 of the General Laws or any other general or special law to the contrary, with respect to each parcel of real property classified as class one residential in the town of Truro as certified by the commissioner of revenue to be assessing all local property at its full and fair cash valuation, and with the approval of the board of selectmen, there shall be an exemption equal to not more than 35 per cent of the average assessed value of all class one residential parcels within the town of Truro, or such other maximum percentage as may be established from time to time by the General Court; provided, however, that the exemption shall be applied only to: (i) the principal residence of the taxpayer as used by the taxpayer for income tax purposes; or (ii) a residential parcel occupied by a resident of the town of Truro, other than the taxpayer, occupied on a year-round basis and used as the resident's principal residence for income tax purposes.  The town of Truro may adopt and amend criteria to determine who qualifies as a resident under this act.  This exemption shall be in addition to any exemptions allowable under section 5 of said chapter 59; provided, however, that the taxable valuation of the property, after all applicable exemptions, shall not be reduced to below 10% of its full and fair cash valuation, except through the applicability of clause eighteenth of said section 5 of said chapter 59.  Where, under the provisions of said section 5 of said chapter 59, the exemption is based upon an amount of tax rather than on valuation, the reduction of taxable valuation for the purposes of the preceding sentence shall be computed by dividing the amount of tax by the residential class tax rate of the town of Truro and multiplying the result by $1,000.  For the purposes of this paragraph, "parcel" shall mean a unit of real property as defined by the board of assessors of the town of Truro in accordance with the deed for the property and shall include a condominium unit.

SECTION 2.  A taxpayer aggrieved by the failure to receive the residential exemption authorized under this act may apply for the residential exemption to the board of assessors of the town of Truro in writing on a form approved by the board of assessors, on or before the deadline for an application for exemption under section 59 of said chapter 59.  For the purposes of this act, a timely application filed under this section shall be treated as a timely filed application pursuant to section 59 of chapter 59 of the General Laws.

SECTION 3.  This act shall take effect on the first day of the fiscal year following passage of this act and shall apply to taxes levied for fiscal years beginning that fiscal year and thereafter.