AN ACT ESTABLISHING A PROPERTY TAX FREEZE FOR CERTAIN SENIORS AND REIMBURSING MUNICIPALITIES FOR LOST REVENUE.

This bill would freeze property taxes for seniors meeting specific income and asset thresholds, directly affecting qualifying older residents. Municipalities would receive full state reimbursement for the lost tax revenue resulting from the freeze. The law requires the state to cover the entire revenue shortfall, ensuring local governments maintain budget stability. This policy provides tax relief to eligible seniors while preventing financial strain on municipalities.