Municipalities can exempt certain long-term rental units, mobile home parks, and low-income family rentals from property taxes.
The bill allows municipalities to exempt from property taxes structures converted from short-term to long-term rentals, mobile home parks for up to 10 years post-construction or renovation, and real property rented to low-income families. The exemption applies if the rent charged does not exceed 30% of the median family income for the area.
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