Bill > S2422

This bill authorizes the town of Jamestown to expand its local property tax exemption for seniors by allowing the town council to pass an ordinance that adjusts the exemption amounts based on income levels, which are measured against the federal poverty guideline. The bill specifies a tiered system where higher income levels within certain ranges receive a smaller percentage of exemption on their property's assessed value, up to a defined "assessment cap" (currently $142,000, but adjustable). It clarifies that "income" includes various forms of cash receipts but excludes capital gains, asset withdrawals, and non-cash benefits, and defines "resident" as someone domiciled in Jamestown for five years. The bill also includes provisions for how exemptions are granted, maintained, and terminated, and importantly, it allows for adjustments to the assessment cap based on changes in median residential property values. This legislation takes effect immediately upon passage.

Housing and Urban Affairs

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