SB3452 Summary

• Expands property tax abatement eligibility in urban decay areas to include newly remodeled single-family or duplex residential dwelling units, in addition to newly constructed units.

• Limits abatement for newly remodeled units to the amount of property taxes attributable to improvements only, with no abatement on land value.

• Applies 20% annual reduction increments during the final 4 years of abatement periods only to abatements granted prior to the effective date of this amendment.

• Defines "newly remodeled" as improvements completed not earlier than one year before the municipality orders the abatement for the parcel.

• Clarifies that zero lot line dwellings, such as townhouses or developments, qualify as single-family residences for abatement purposes.