AN ACT RELATING TO TAXATION -- LEVY AND ASSESSMENT OF LOCAL TAXES

SB 1007 grants Charlestown's town council the authority to create a homestead exemption program for local property taxes. It allows the council to provide up to a 10% reduction in tax bills for qualifying residential properties (including those with mixed residential/commercial use), based on assessed value. The exemption applies to homes with fewer than five dwelling units or prorated for mixed-use properties based on residential square footage. This bill, effective December 31, 2025, enables Charlestown to directly affect local homeowners by potentially lowering their property tax burden through a locally determined program.