An Act Concerning State Reimbursement To Municipalities For Revenue Lost Due To The Property Tax Exemption For Veterans With A One Hundred Per Cent Permanent And Total Disability Rating.
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.
Providing a protest petition to contest certain increases in property tax revenues and continuing reimbursements from the taxpayer notification costs fund for an additional five years.