The bill aims to provide a property tax credit to long-term residents in order to offset increases in property tax rates. This credit is intended to lessen the financial burden on individuals who have lived in their homes for an extended period of time. The main provision of the bill is the establishment of a mechanism for calculating and applying this credit based on the length of residency. The impact of this bill would be a reduction in property tax expenses for eligible long-time residents, potentially providing them with more financial stability and affordability in maintaining their homes.
2024-02-08: First Reading Ways and Means
2024-02-09: Hearing 3/05 at 1:00 p.m.
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