Bill > S1937

This bill, concerning the town of Nantucket, proposes to increase the property tax exemption for residential properties to a maximum of 30 percent of the average assessed value of all such properties, with this exemption applying only to a taxpayer's primary residence used for income tax purposes. This new exemption is in addition to any other existing exemptions, but the property's taxable value, after all exemptions, cannot be reduced below 10 percent of its full and fair cash valuation, with specific exceptions. The bill also outlines a process for taxpayers to appeal if they are denied this residential exemption, requiring them to apply in writing to the board of assessors within three months of receiving a tax bill or notice. This legislation is set to take effect for taxes levied for fiscal years beginning on or after July 1, 2015.