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 44-3-20.3. Deferment of payment of tax for the elderly -- Jamestown. -- ADD} {ADD The town council of the town of Jamestown is hereby authorized to provide by ordinance that the payment of property taxes on all family dwellings located therein and owned and occupied for at least five (5) years prior to the passage of the ordinance by persons sixty-five (65) years of age or over shall be deferred until the property is disposed of by reason of death of all the owners or by reason of transfer on conveyance; provided, however, any taxes so deferred shall constitute a lien against the real estate. ADD}

SECTION 2. This act shall take effect upon passage.