Establishes a real property tax exemption for persons sixty years of age or over with an annual household income not exceeding $100,000; directs the state to reimburse municipalities for lost revenues.
Relates to school property and real property taxes; establishes the blue ribbon commission on property tax reform; relates to state assistance for local real property reassessment, state assistance to assessing units within a school district, providing a fixed real property assessed value for residential real property owned by certain persons over the age of 65 and providing state reimbursement to municipalities for lost real property tax revenue; requires the state to fund certain programs mandated for municipal corporations or school districts.
Requires State reimbursement to municipalities of cost of disabled veterans' total property tax exemption; increases amount of State reimbursement to municipalities for amount of veterans' property tax deduction.
Freezes the assessed value of real property owned by persons aged 65 or over, for the purposes of determining taxes owed on such property, beginning on the date all of such persons reach the age of 65, regardless of the actual assessed value of the property at the time of taxation.
Permits other qualifying members of a household to qualify the household for the disability rent increase exemption when they are not the head of household.
Expands the real property tax exemption for persons with disabilities to property owners who are a parent or parents of an individual with a disability and such individual lives at such property.