A5567

Prohibits use of long-term tax exemption agreements in construction of senior housing unless all state property tax relief programs allow payments in.

This bill prohibits municipalities from entering into long-term tax exemption agreements for the construction of age-restricted residential housing unless every state property tax relief program allows payments in lieu of property taxes for senior citizens. It aims to ensure that senior homeowners who make payments in lieu of property taxes are eligible for property tax relief programs. The bill takes effect immediately.