Chapter 59 of the General Laws, as appearing in the 2022 Official Edition, is hereby amended by inserting after section 5O the following section:-

Section 5P. Local Option Property Appraisal Freeze.

(a) A city or town that accepts this section in the manner provided in section 4 of chapter 4 may establish a local option policy to freeze property tax assessments at the current assessed value for eligible residential properties.

(b) The appraisal freeze shall apply to properties that meet eligibility criteria established by the municipality, which may include: (1) Owner-occupied primary residences; (2) Elderly persons, as defined in section 14 of chapter 19A; (3) Veterans as defined in section 1 of chapter 115; or (4) Other categories as determined by the municipality.

(c) The freeze shall remain in effect for a period determined by the municipality, not to exceed 3 years, and may be renewed upon a majority vote of the legislative body of the city or town.

(d) Properties benefiting from the appraisal freeze shall remain subject to adjustments for improvements, renovations, or expansions that increase property value.

(e) The commissioner of revenue shall promulgate regulations necessary for the implementation of this section, including guidelines for administration, public notification, and annual reporting by local assessors.