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

SB 1345 limits property tax increases for seniors and certain disabled residents by capping annual tax hikes at the previous year's consumer price index (CPI) increase. It directly affects qualifying owners who live in their primary home for at least one year, have income below double their Social Security or disability benefits, and fall into specific categories (e.g., veterans with 100% service-connected disability). Municipalities must abate or refund excess taxes if a property's tax bill rises more than the CPI, with applications due by the assessment date. The bill aims to protect fixed-income residents from sudden property tax burdens.