Relative to the establishment of a means tested senior citizen property tax exemption

What it means

Creates a local-option property tax break for lower-income seniors. In cities and towns that accept it, homeowners 65 or older who meet income and home-value limits tied to the state's circuit breaker tax credit, and who have lived in town at least 10 years, can have their tax cut so they pay no more than about 10 percent of income (after counting the circuit breaker credit), with no cut above 50 percent. Total breaks are capped at 0.5 to 1 percent of the town's residential tax levy and are paid for by shifting the cost to other residential taxpayers; local acceptance lasts 3 years and can be renewed.

Source: official text and history of H.4001 on malegislature.gov. This describes the bill text posted there; amendments may have changed the version that was voted on.