The proposed bill authorizes the Town of Groton to establish a means-tested property tax exemption for senior citizens. Under this legislation, qualifying residential properties will receive an exemption from property taxes that includes a reduction based on the total tax amount, plus 50% of annual water and sewer expenses, minus certain deductions related to income and existing tax credits. The exemption is capped annually by the select board and is applicable only to the taxpayer's domicile. The bill outlines specific eligibility criteria, including income limits, age requirements, and residency duration in Groton.

Additionally, the bill 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 meet various conditions, such as being at least 65 years old or jointly owning the property with someone who meets the age requirement. The select board is also empowered to create rules and regulations for the implementation of this act after public consultation. The act will take effect upon passage.