SB0082 Summary

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

• For newly remodeled units, limits the abatement amount to property taxes attributable to improvements only and prohibits abatement on land value.

• Applies the 20% annual reduction in abatement during the final 4 years only to abatements granted prior to this act's effective date.

• Defines "newly remodeled" as improvements completed within one year before the municipality orders the abatement for the property.

• Clarifies that zero lot line dwellings, such as townhouses, are considered single-family residences for purposes of the abatement.