AN ACT LIMITING LOCAL PROPERTY TAX INCREASES ON SENIORS AND CERTAIN PERSONS WITH DISABILITIES.

HB 5305 would limit local property tax increases for seniors (65+) and people with certain disabilities to no more than the previous year's Social Security benefit increase. This directly affects fixed-income residents who pay local property taxes, preventing tax hikes that could outpace their income growth. The key provision requires municipalities to cap annual property tax increases for these groups based on actual Social Security adjustments from the prior year. The bill aims to protect vulnerable residents from disproportionate tax burdens while maintaining local revenue stability.