Establishes a real property tax exemption for persons sixty years of age or over with an annual household income not exceeding $100,000; directs the state to reimburse municipalities for lost revenues.
Establishes a real property tax exemption for persons sixty years of age or over with an annual household income not exceeding $100,000; directs the state to reimburse municipalities for lost revenues.
Increases the amount of income property owners may earn for the purpose of eligibility for the property tax exemption for persons over sixty-five years of age; increases such amount to $75,000.
Increases the amount of income property owners may earn for the purpose of eligibility for the property tax exemption for persons over sixty-five years of age; increases such amount to $75,000.
Requires the state to reimburse municipalities for loss of real property tax revenue resulting from the establishment of community residential facilities for the disabled.
Requires the state to reimburse municipalities for loss of real property tax revenue resulting from the establishment of community residential facilities for the disabled.
Relates to school property and real property taxes; establishes the blue ribbon commission on property tax reform; relates to state assistance for local real property reassessment, state assistance to assessing units within a school district, providing a fixed real property assessed value for residential real property owned by certain persons over the age of 65 and providing state reimbursement to municipalities for lost real property tax revenue; requires the state to fund certain programs mandated for municipal corporations or school districts.
Establishes a real property tax exemption for the primary residence of a member of the armed forces engaged in hazardous service; provides the state shall compensate municipalities for lost tax revenue resulting from such exemption.
Provides that the current real property tax exemption for persons over 65 may also be extended to those persons who are totally and permanently disabled; requires that municipalities shall provide by local law that such exemptions shall be granted to either those 65 years of age or older or to those who are totally and permanently disabled, or to both categories of persons.