An Act relating to an optional municipal limit to increases of the full and true value of property owned and occupied as a permanent place of abode by a resident.

Summary

The bill lets a city or borough adopt an ordinance that limits how much a resident's primary home can be re‑assessed each year, with the cap no lower than five percent. It applies only to properties that the owner lives in at least 185 days a year. The limit does not apply when the home is improved or when ownership changes and the market value is reassessed.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

Topics

Share