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

Summary

The bill imposes a tax equal to up to 8% of a property's prior‑year gross scheduled rent on residential buildings that have been substantially rehabilitated and carry rent‑or‑income restriction covenants. To qualify, at least 40% of the units must be affordable to households earning up to 80% of the state median income, or at least 30% must be affordable to those earning up to 60% of median income. Municipalities may lower the rate, and the rule applies to properties with permits issued after Jan 1 1995.

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