The proposed bill authorizes the town of Marblehead to establish a means-tested property tax exemption for senior citizens. This exemption applies to qualifying residential properties and is calculated based on the total property tax, plus 50% of annual water and sewer expenses, minus certain deductions related to the applicant's income and other tax credits. The exemption is capped annually by the select board and is limited to the taxpayer's domicile. Additionally, the bill outlines specific eligibility criteria, including income limits, age requirements, and residency duration, which must be met for applicants to qualify for the exemption.

The bill also grants the board of assessors the authority to deny applications based on excessive assets, as defined by regulations set by the select board. Applicants must file for the exemption annually and provide supporting documentation. The select board is empowered to create rules and regulations for the implementation of this act after consulting with the board of assessors and holding a public hearing. The act will take effect upon its passage.