Chapter 59 of the General Laws, as appearing in the 2024 Official Edition, 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; provided, however, that the city or town shall set asset, income or other thresholds to determine eligibility for said rebates. The city or town shall appropriate an amount to be used for such rebates; and provided further, that such rebates for each eligible taxpayer shall be in a uniform amount based on the amount appropriated and the estimated number of eligible taxpayers. The amount of the rebate shall be in addition to any exemptions allowed under this chapter. A taxpayer who seeks to qualify for the rebate shall, before the deadline established by city or town, file an application, on a form to be adopted by the board of assessors, with the supporting documentation of the applicant’s income, assets and any other information as described in the application. The application shall be filed each year for which the applicant seeks the rebate.