SECTION 1: Notwithstanding the provisions of clause 17F of section 5 of chapter 59 of the General Laws or any other general or special law or charter provision to the contrary, the Town of Belmont may annually increase the asset limitation ceiling, income limitation ceiling, and benefit limitation ceiling applicable to seniors applying for tax abatement pursuant to clauses 17D, 17E, and 41C of section 5 of chapter 59 of the General Laws by an amount in excess of the cost of living as determined by the Consumer Price Index for such year.
SECTION 2: No increase enacted pursuant to SECTION 1 shall result in an asset limitation ceiling, income limitation ceiling, or benefit limitation ceiling in excess of an amount equal to such ceiling had the applicable clause been accepted by the Town of Belmont immediately upon that clause’s enactment by the General Court and increased annually by an amount equal to the increase in the cost of living as determined by the Consumer Price Index for each year since the applicable clause’s enactment.
SECTION 3: This act shall take effect upon its passage.
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