Relates to school property and real property taxes; establishes the blue ribbon commission on property tax reform.

This bill amends the education, real property tax, general municipal, and state finance laws. It establishes a blue ribbon commission on property tax reform to examine and recommend reforms for local governments and school districts. The commission will explore areas like accountability, governance, property assessments, spending and tax controls, and alternative funding sources. It also provides a fixed real property assessed value for residential real property owned by certain persons over the age of 65, and state reimbursement to municipalities for lost real property tax revenue.

Relates to school property and real property taxes; establishes the blue ribbon commission on property tax reform.

This bill amends the education, real property tax, general municipal, and state finance laws. It establishes a blue ribbon commission on property tax reform to examine and recommend reforms for local governments and school districts. The commission will explore areas like accountability, governance, property assessments, spending and tax controls, and alternative funding sources. It also provides a fixed real property assessed value for residential real property owned by certain persons over the age of 65, and state reimbursement to municipalities for lost real property tax revenue.