Bill > S1590

This bill establishes a "local property tax relief fund" within the state's books, which will receive money from a specific tax revenue source and other transfers. This fund will then be distributed to cities and towns, which must use the money to provide exemptions to owners of residential real property, specifically on their primary homes used for income tax purposes. The bill also outlines a process where the state commissioner will report on changes in tax revenues adjusted for inflation, and if these revenues increase by more than zero, at least 10% of that increase will be transferred to the local property tax relief fund. Furthermore, it allows for taxpayers to take legal action to ensure these provisions are followed, and if successful, they can recover their legal costs.