Chapter 59 of the General Laws is hereby amended by inserting after section 5O the following section:-
Section 5P. A city or town that accepts this section may issue rebates to those taxpayers who received the residential exemption in the prior fiscal year. Such rebates shall be uniform for each eligible taxpayer and appropriated by the city or town for this express purpose. The amount of the rebate shall be calculated by the treasurer of the city or town. This rebate shall be in addition to any exemptions allowed under chapter 59; provided, however, that in no instance shall the taxable valuation of such property after all applicable exemptions and the rebate be reduced below 10 per cent of its full and fair cash valuation, unless that is explicitly provided for in any specific section of said chapter 59.
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