Bill > H3006

This bill proposes a new property tax valuation provision for long-term homeowners in cities or towns that choose to adopt it. Specifically, the bill allows homeowners who have lived in the same property for 30 consecutive years to have their property's assessed value "frozen" at the valuation from their 30th year of residence, provided they meet certain income and asset criteria. To qualify, the homeowner's annual income must not exceed 100 percent of the area median income (as determined by the federal Department of Housing and Urban Development), and they must have no more than $100,000 in liquid assets, not including the value of their home. Once these conditions are met, the property's assessed value would remain unchanged unless the property is sold or transferred, which could provide significant financial relief for long-term homeowners by protecting them from potential increases in property taxes due to rising local property values.