The proposed bill aims to expand the residential property exemption in the town of Wellfleet, Massachusetts. It allows for an exemption of up to 35% of the average assessed value of all class one residential parcels, contingent upon the approval of the Selectboard and certification by the commissioner of revenue that properties are assessed at full and fair cash valuation. The exemption applies specifically to the principal residence of the taxpayer or a residential parcel occupied year-round by a resident of Wellfleet, and the town has the authority to establish criteria for determining residency. Additionally, the bill stipulates that the taxable valuation of the property, after applying all exemptions, cannot fall below 10% of its full cash valuation.

Furthermore, the bill provides a mechanism for taxpayers who believe they have been wrongfully denied the residential exemption to appeal to the board of assessors in writing, using an approved form, by the application deadline set forth in existing law. The act is set to take effect at the beginning of the fiscal year following its passage and will apply to taxes levied in that fiscal year and beyond.