Notwithstanding the provisions of Chapter fifty-nine and any other applicable statutes the real property of a Methuen Citizen who has reached his/her sixty-sixth birthday shall be subject to a cap on the increase in his/her domicile, or of a person who owns the same jointly with his spouse, either of whom has reached his/her sixty-sixth birthday prior to the applicable fiscal year and is occupied by them as their domicile.  The cap shall be such that notwithstanding any increase in the total taxes otherwise set under Chapter 59 of the General Laws the increase shall not exceed 2 percent of the amount taxed on that property in the year in which either party turned age sixty-five.

Thereafter the tax bill may increase by 1.5 percent for the tax year in which either party turn sixty-eight and one half of one percent in the tax year in which either party turn sixty-eight  and one half of one percent in which either part turns sixty-nine.  Upon either party reaching the age of seventy the taxes shall be capped at that amount last set when that person was sixty-nine.  In order to qualify for the exemption granted in this act the following conditions must be met; (A) that such person (1) has been domiciled in the commonwealth for the preceding ten years, (2) has so owned and occupied such real property or other real property in the commonwealth for five years and who otherwise qualified under this clause; (B) that such person had, in the preceding year gross receipts from all sources of less than fifteen thousand dollars, or if married, combined gross receipts with his spouse of less than fifteen thousand dollars, provided, however, that in computing the gross receipts of an applicant under this clause ordinary business expenses and losses may be deducted, but not personal or family expenses; and provided, further, that there shall be deducted from the total amount received by applicant under the federal social security or railroad retirement and from any annuity, pension, or retirement plan established for employees of the United States government, the government of the commonwealth, or the government of any city, town, county, or special district, included in such gross receipts, an amount equivalent to the minimum payment then payable under said federal social security law, as determined by the commissioner of revenue, to a retired worker seventy years of age or over, if the applicant is unmarried, or to a retired worker seventy years of age or over, if the applicant is unmarried, or to a retired worker and spouse, both of whom are seventy years of age or over, if the applicant is married; and © that such person had a whole estate, real and personal, not in excess of twenty-eight thousand dollars, or if married, not in excess of thirty thousand dollars, provided that real property occupied as his domicile shall not be included in computing the whole estate except for any portion of said property which produced income and exceeds two dwelling units.

Any person who receives an exemption under the provisions of this clause shall not receive an exemption on the same property under any other provision of this section except clause Eighteen.

Section 2.  This act shall become effective upon the Great and General Court providing full funding to the City of Methuen to reimburse the City as a result of the loss of revenue associated with and arising from the exemption.