Constitutional amendment; exemption of property owned and occupied by persons of low income, etc.

Constitutional amendment (first reference); tax and finance; exempt property; affordable housing tax exemption. Provides that the General Assembly may by general law authorize the governing body of any county, city, town, or regional government to provide for the exemption from local real property taxation, or a portion thereof, within such restrictions and upon such conditions as may be prescribed, of real estate owned and occupied by persons of low income. Such general law shall require that (i) the real property is a single family habitation and has been owned and continuously occupied as the sole dwelling of the owner of such real property for a prescribed minimum number of years, (ii) the assessment on the property has increased by a prescribed percentage or more from the previous year or over a number of previous years, and (iii) the taxes on such property are current or the owner of such property has entered into a plan for payment of any delinquent taxes and shall establish the annual household income limits to qualify for such exemption.