It requires subtracting this income from the military retiree's adjusted gross income. This bill allows towns to issue bonds, notes, and other obligations to make up for the property tax revenue they lose when they choose to provide tax relief to elderly homeowners under a local option program. The state does not reimburse the town for the revenue loss. The incentive applies to real and personal property. The property must be used for one of 10 broad purposes.
Legislative bodies can authorize the incentive for up to three years.
The bill similarly reduces the investment threshold a manufacturer must meet before it qualifies for a property tax break on any personal property. The state does not reimburse the town for the revenue loss. Legislative bodies can authorize the incentive for up to three years. Under a different law, manufacturers currently qualify for state-reimbursed property tax abatement on newly acquired machinery and equipment. This bill allows targeted investment communities to establish a two-tier property tax system under which land and buildings are taxed at different rates, with the land taxed at a higher rate.