The proposed bill authorizes the town of Holliston to implement a means-tested property tax exemption for senior citizens specifically related to debt exclusion construction projects. Under this legislation, qualifying residential properties will receive an exemption from property taxes equivalent to the actual cost of borrowing for the construction project, as determined annually by the Select Board. The exemption is limited to the taxpayer's domicile and is in addition to any other exemptions allowed under existing laws. To qualify, applicants must meet several criteria, including age, income, and residency requirements, as well as having their application approved by the Board of Assessors.

The bill outlines the process for applying for the exemption, which must be completed annually, and specifies that the exemption amount will be set between 10% and 40% of the previous year's circuit breaker income tax credit. Additionally, the exemption will only be granted after the Department of Revenue certifies the residential tax rate for the applicable year. The exemption is set to expire three years after its effective date, but the town has the option to reauthorize it for additional three-year intervals through a vote by the legislative body.