AN ACT ESTABLISHING A STATE-WIDE PROPERTY TAX ON CERTAIN RESIDENTIAL REAL PROPERTY.

SB 101 would create a new statewide property tax on residential properties valued over $3 million. It sets three tax rates based on property value: 0.2% (2 mills) for homes worth $3-5 million, 0.3% (3 mills) for $5-10 million properties, and 0.4% (4 mills) for homes valued at $10 million or more. This tax would apply uniformly across the state to qualifying high-value residential properties, directly affecting owners of such homes. The bill specifies the tax rates but does not detail how the revenue would be allocated.