SECTION 1.  Notwithstanding section 53 of chapter 44 of the General Laws or any other general or special law to the contrary and subject to acceptance by the select board of the town of Eastham, there shall be a Resident Taxpayer Assistance Fund in the town of Eastham which shall be a special revenue account to fund the cost of a local property tax exemption for qualifying residents who satisfy the eligibility criteria as described herein. The fund may be credited with appropriations as authorized by town meeting.  The fund may receive grants, gifts or donations made to the town in furtherance of the purposes of this act. Appropriations credited by town meeting to the fund shall not be included for computation of the tax levy otherwise imposed on the town by the General Laws and shall be maintained by the treasurer of the town as a separate account and interest earned thereon shall be credited to and become part of the separate account. The principal and interest of the fund shall be expended for the reduction of real property tax obligations of residents under the age of 60 who are unable to contribute fully to their tax liability by reason of infirmity or financial hardship and apply to receive such a reduction subject to eligibility criteria developed by the select board or committee appointed by the select board.  No reduction of a real property tax obligation under this section shall exceed $1,500.  If there are insufficient funds in the account to make the reductions in full due to an excess of eligible applicants, the select board may prorate the reductions to proportionately accommodate each eligible applicant.

SECTION 2. This act shall take effect upon its passage.