AN ACT RESTRICTING PROPERTY TAX GROWTH AND THE IMPOSITION OF NEW MANDATES ON MUNICIPALITIES.

SB 232 would cap annual property tax increases for municipalities at either 2% or the inflation rate, whichever is lower. It also requires a two-thirds vote in both legislative chambers to impose any new financial obligations on cities or towns. The bill directly affects all municipalities (cities and towns) by limiting their ability to raise property taxes without legislative supermajority approval. These provisions aim to control local tax growth and restrict new mandates without specifying particular policy outcomes.