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

SB 1044 grants the town of Jamestown an exemption from the standard 4% annual property tax levy cap for future budgets. This exemption allows Jamestown to approve property tax increases exceeding the 4% limit if voters formally approve the specific levy amount at a designated financial town meeting. The bill amends existing tax law to create this permanent exception solely for Jamestown, recognizing its unique financial town meeting process. This change directly affects Jamestown residents, as it modifies how the town can fund its budget without triggering the usual tax growth restrictions. The exemption applies only to Jamestown and does not alter the 4% cap for other municipalities.