Freezes the assessed value of real property owned by persons aged 65 or over for tax purposes.
This bill amends the real property tax law to freeze the assessed value of real property owned by individuals aged 65 or over for tax purposes. The assessed value will not increase beyond the value determined before all such individuals reached the age of 65, regardless of the property's actual assessed value at the time of taxation. This change applies to taxable years beginning on or after the date all such individuals reach the age of 65.
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