BILL NO A04078
SAME AS No same as
SPONSOR McLaughlin (MS)
COSPNSR Ra, Giglio, Graf, Blankenbush, Montesano
MLTSPNSR Arroyo, Ceretto, Curran, Finch, Raia, Saladino, Thiele
Add SS431 & 901, RPT L
Provides for the imposition of a fixed real property assessed value on
residential property owned by persons 65 years of age or older, when such
owners have a combined annual income of $100,000 or less and the property taxes
on such property equals or exceeds 6% of the owners' combined annual income;
provides for state reimbursement to municipalities for tax revenue lost
pursuant to such fixed real property assessed value.
