It is enacted by the General Assembly as follows:

SECTION 1. Chapter 44-3 of the General Laws entitled "Property Subject to Taxation" is hereby amended by adding thereto the following section:

{ADD 44-3-20.2. Deferment of partial payment of tax for the low-income -- Bristol. -- ADD} {ADD The town council of the town of Bristol may, by ordinance, provide that the payment of property taxes on a single family dwelling, owned and occupied by a low-income resident, may be partially deferred until the property is disposed by reason of death of all the qualified owners, or by reason of transfer or conveyance; provided, however, any taxes so deferred shall constitute a lien against the real estate. Said deferral shall not exceed twenty-five thousand dollars ($25,000) of valuation and which exemption shall be in addition to any and all other exemptions which the person may be entitled to by this chapter or any other provisions of the general laws. The town council of the town of Bristol shall establish the requirements and application and/or verification procedures for taxpayers to avail themselves of the benefit of the deferment provided for herein. ADD}

SECTION 2. This act shall take effect upon passage, and shall be retroactive to December 31, 1995.