Authorizes cities with a population of one million or more to provide a rebate on real property taxes for certain residential properties.

This bill amends the real property tax law to authorize cities with a population of one million or more to provide a rebate on real property taxes for owner-occupied one to six family residences or residential properties held in the condominium or cooperative form of ownership. The rebate can be granted for three consecutive fiscal years starting from July 1, 2006. The rebate amount is up to $400 but cannot exceed the annual tax liability. The rebate is paid in the fiscal year following the one for which it is granted.

Authorizes cities with a population of one million or more to provide a rebate on real property taxes for certain residential properties.

This bill amends the real property tax law to authorize cities with a population of one million or more to provide a rebate on real property taxes for owner-occupied one to six family residences or residential properties held in the condominium or cooperative form of ownership. The rebate can be granted for three consecutive fiscal years starting from July 1, 2006. The rebate amount is up to $400 but cannot exceed the annual tax liability. The rebate is paid in the fiscal year following the one for which it is granted.