DE HB409

Amends Section 29(a)(26) of the Town of Milton Charter to replace the existing property tax cap mechanism with a fixed dollar amount limit.

Replaces the current "soft" cap of 0.5% of assessed value of all taxable real estate with a "hard" cap of $1,750,000 per year.

Maintains the existing exemption that allows unlimited tax revenue for payment of interest and principal on bonded indebtedness.

The new fixed cap of $1,750,000 is approximately $250,000 less than the current 0.5% assessed value calculation, which is estimated at about $2 million.

Takes effect immediately upon enactment into law.