HB4834 Summary

• Extends the community stabilization assessment freeze pilot program from June 30, 2029 to June 30, 2039, allowing a 10-year property tax reduction on residential improvements meeting specified criteria.

• Removes the requirement that eligible parcels must be located in a "targeted area" and eliminates the requirement that properties must have been unoccupied for 6 months or court-ordered for deconversion.

• Allows counties to adopt the assessment freeze through countywide voter referendum, making the reduction mandatory for county assessment officers if approved by voters (previously optional).

• Expands eligibility window for applications to January 1, 2015 through December 31, 2019 and again from January 1, 2021 through December 31, 2029, with no property eligible for more than one separate reduction.

• Establishes petition and referendum requirements for counties seeking to adopt the program, including signature thresholds of 5% of prior ballots cast or 2,500 signatures, with notice requirements and 122-day filing deadline.