Bill > H7151

This bill authorizes the town of Jamestown to expand its local property tax exemption for seniors, allowing the town council to pass an ordinance that adjusts the exemption amounts based on income levels relative to the federal poverty guideline, which is defined as the annual poverty guidelines issued by the Department of Health and Human Services. The bill specifies that the exemption is for real property owned and occupied by individuals aged 65 or older and requires applicants to be residents of Jamestown for five years, providing proof of income and eligibility. It clarifies what constitutes "income" for the purpose of the exemption, excluding capital gains, asset withdrawals, and certain non-cash benefits, and defines terms like "assessment cap" and "median residential property value" which are used to determine the exemption's limits. The act takes effect upon its passage.

Housing and Urban Affairs

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