SB 201 Summary

• Amends municipal property tax exemption eligibility to include residents who are 65 years or older, disabled veterans, or widows/widowers at least 60 years old whose spouse qualified for an exemption.

• Increases the base exemption amount from $150,000 to $200,000 of assessed property value, conditional on the commissioner determining by September 1 of the previous tax year that appropriations are sufficient to fully fund all municipal reimbursements at this increased amount.

• Allows municipalities to provide exemptions beyond the statutory amount in cases of hardship and permits municipalities by voter-approved ordinance to exempt assessed value above the base exemption amount for qualifying properties.

• Requires the state to reimburse boroughs and cities for tax revenue lost through these exemptions, with pro-rata distribution among municipalities if appropriations are insufficient.

• Takes effect July 1, 2010.